capital gains tax credit

madamab

Hi

My friend called over today with a revenue capital gains assesement notice for 2007. Her partner had sold an apartment a few years back and paid the capital gains on it of 25,000e . He filled in a form a while back as he thought he may have overpaid etc. Anyway the form she found in the car showed net liability 0000.00 amount alread paid 25000eu and the credit due 25,000eu. She asked me if I thought it looked like a credit had been issued and to me it does but Im not familiar with this sort of thing. The reason she is concerned is the form was in the car and her partner has taken to gambling to her horror and investigations lately. In the past he would have said something to her whether he had got a rebate or not but she has been arguing with him due to this gambling.

I wonder if anyone can help me give her advice on this.

Mr. Incognito

If you have a refund of capital gains tax it has to be offset against a capital gain or else it carries over It is not a straight refund of tax paid rather a credit against future capital gains.

I hope that clarifies.

Barracudaincork

The words credit and refund mean different things in tax. I have assisted someone with obtaining a refund of overpaid capital gains tax. They had a choice of having it refunded (as long as all other taxes were up to date) or keeping it there with the Revenue for future use, they took the refund option. I have not come accross a capital gains tax credit.

Mr. Incognito

If she still has the Form she could just ring the district and ask them- the number is usually on the top right hand corner of the Form. I presume they are jointly assessed and as such they will give her out this info.