What Happens if you Dont Pay Capital Gains Tax?

Thargor

Say you owed 25k in CGT but you didnt pay it, what happens as far as fines/interest? Does your name and address get printed in the papers or something?

cson

Put simply; it'll wind up cheaper and less hassle in the long run to pay the 25k now.

aidan.connolly

Hi , the details below are from the Revenue Leaflet available on Revenue.ie


http://www.revenue.ie/en/tax/cgt/cgt-faqs.html

Chapter 2

Section 4. Surcharge
Failure to submit a return on time will result in a surcharge being added to the basic Capital Gains Tax
liability. The surcharge is either:
(a) 5% of the amount of the tax due subject to a maximum of €€12,695 where the return is delivered
before 31 December in the year following the end of the year of assessment
or
(b) 10% of the amount of the tax due subject to a maximum of €€63,485 where the return is not
delivered before 31 December in the year following the end of the year of assessment.

Thargor

Thanks people, wasnt there a book or list that got printed in the papers with your name and address if you didnt pay aswell, whats that called? Or does it only apply to huge payments.

J.Ryan

The defaulters list, the newspapers print extracts, but it is available on the Revenue Website and Iris Ofigial (spelling)


The cut off is (I think) either €10,000 or €12,700.

Thargor

Alright thanks, Im not thinking of defaulting in case you're wondering I just said Id find out for someone.

dbran

aidan.connolly wrote: »

Hi , the details below are from the Revenue Leaflet available on Revenue.ie


http://www.revenue.ie/en/tax/cgt/cgt-faqs.html

Chapter 2

Section 4. Surcharge
Failure to submit a return on time will result in a surcharge being added to the basic Capital Gains Tax
liability. The surcharge is either:
(a) 5% of the amount of the tax due subject to a maximum of €€12,695 where the return is delivered
before 31 December in the year following the end of the year of assessment
or
(b) 10% of the amount of the tax due subject to a maximum of €€63,485 where the return is not
delivered before 31 December in the year following the end of the year of assessment.

Hi

Dont forget interest and penalties. The extent of the penalties can vary from 3% to 100% of the tax depending on how naughty or uncooperative you have been.

Dbran

UpAgainToday

Thargor wrote: »

Say you owed 25k in CGT but you didnt pay it, what happens as far as fines/interest? Does your name and address get printed in the papers or something?

Depends how rich you are tbh