Panel L: Cap­i­tal Gains — Page 27

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

GAINS and losses made on the sale of your charge­able as­sets dur­ing 2016 should also be re­ported on the Form 11 at Panel L. Firstly, the sales pro­ceeds you have re­ceived should be re­ported in the boxes de­scrib­ing the type of as­set you have sold. Var­i­ous re­liefs, such as re­tire­ment relief, may be avail­able.

You should re­port your losses from the sale of charge­able as­sets in 2016 even if you do not have any charge­able gains for the year. Re­mem­ber, losses brought for­ward from prior years can be used to off­set gains in 2016.

For 2016 the due date for pay­ing Cap­i­tal Gains Tax (CGT) has al­ready passed:

Dis­pos­als be­tween Jan­uary 1, 2016 and No- vem­ber 30, 2016 in­clu­sive — CGT was due by De­cem­ber 15, 2016.

Dis­pos­als be­tween De­cem­ber 1, 2016 and De­cem­ber 31, 2016 in­clu­sive — CGT was due by Jan­uary 31, 2017.

If you are only pay­ing your CGT due when you file the Form 11 you are likely to be charged in­ter­est by the Rev­enue Com­mis­sion­ers. PANEL M — CHARGE­ABLE AS­SETS AC­QUIRED IN 2016 — PAGE 29 This should in­clude any charge­able as­sets ac­quired dur­ing 2016 and the amount you paid for the as­sets.

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