Monday 31 January is the deadline for payment of Capital Gains Tax on any disposals of property or other assets in December 2021. If you made a Capital Gain in December, you will need to calculate pay your Capital Gains Tax liability by 31 January.
Capital Gains Tax (CGT) is charged when
- you sell property or another asset.
- you make another disposal, eg gifting an asset to a relative or other third party, and
- you receive certain insurance proceeds or another “capital sum” in respect of an asset.
If you’re liable, you must by 31 January, calculate or estimate your liability and pay this to the Revenue Commissioners.
If you expect to have a liability but are unsure of the exact amount, you should still pay your best estimate by 31 January. To avoid interest charges, you may consider paying a little more than your expected liability.
When you finalise your Capital Gains Tax liability, and file a 2021 Income Tax Form 11 or Capital Gains Tax Form CG1 Return – which you must do by 31 October 2022 – Revenue will bill you for any shortfall or refund you any overpayment.
Revenue.ie includes some useful online guidance on Capital Gains Tax but I strongly recommend that you seek professional advice and assistance if you think that you may have a Capital Gains Tax liability.