Panel L and M

CAPITAL GAINS PANEL L – PAGE 29 - 31 Gains and losses made on the sale of your chargeable assets during 2017 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 2017.

This applies even if you do not have any chargeable gains for 2017.

Remember, losses that have been brought forward from prior years can be used to offset gains in 2017.

A change has been made in the capital gains tax section this year. This is to identify chargeable gains and losses of the current year separately. Where a loss arose on a disposal to a connected person, the amount of the loss will have to be provided, together with the name and also the tax reference number of the connected person – line 809.

For 2017 the due date for paying capital gains tax (CGT) has already passed.

For disposals between January 1, 2017 and November 30, 2017 inclusive, CGT was due by December 15, 2017. For disposals between December 1, 2017 and December 31, 2017 inclusive, CGT was due by January 31, 2018.

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.

CHARGEABLE ASSETS ACQUIRED IN 2017 PANEL M6 - PAGE 31 This should include any chargeable assets acquired during 2017 and the amount you paid for the assets.