If you’ve had any capital gains or received gifts or inheritance during the year you may need to file separate tax returns for this income. If you also have non-PAYE income to declare, you can include your Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) liabilities on a Form 11 or Form 12 income tax return.
However, if you don’t have any non-PAYE income, you’ll need to file a CG1 form to declare your CGT liability and a CAT Form IT38 for your liabilities relating to the acquisition of gifts and inheritance.
Form CG1
If you make a disposal of a capital asset (for example foreign currency, shares or investment property) anytime between 1 January and 30 November, you must pay Capital Gains Tax on it before 15 December of the same year.
If you make a disposal between 1 December and 31 December, your payment will be due by 31 January of the following year. You're required to file a CG1 Form by 31 October of the year following the year of disposal. The current CGT rate is 33% and it’s payable by the person making the disposal.
Even if you’ve made a loss on your investment, you’re obliged to report it.
It’s important to note that a surcharge for late filing may arise and that penalties and interest may also apply for late payment. The penalty payment due will depend on how late your tax payment is. However, interest is charged at 0.219% of your liability per day.
When filing a CG1 form you’ll need details of:
- Every investment disposal you made throughout the year (including dates and values)
- Relevant expenses and deductions relating to each investment
- The value of profit you made from each investment
- Details of any losses made on your investments (as these can be used to offset your gains)
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