Filing of Capital Gains Tax return

You must file a return on or before 31 October in the year following the tax year in which you disposed of the asset. There are a number of different CGT return forms:

• CG1 Form – if you do not usually submit annual tax returns
• Form 12 – if you are a PAYE worker
• Form 11 – if you are regarded as a 'chargeable person'

Note: Even if you've made a loss on your investment, you're obliged to file a tax return.

Though you may file your return the following year, you must pay the CGT in the same year as the disposal of the asset, unless you dispose of the asset in the 'later period' (as above).

Where a CGT return is filed after the required deadline, a surcharge will be imposed by Revenue:

• Where a late return is filed within two months of the due date, a surcharge of 5% of the tax payable/paid, or €12,695, if lower, is applied.
• Where the return is filed more than two months late, the surcharge is 10% of the tax payable/paid, or €63,485, if lower.