Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

gift tax and tax return

  • 31-01-2013 7:40am
    #1
    Dilemma2013
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi, can someone please clarify this for me?

    I thought that you declared tax/ tax returns etc the following year e.g. any tax due/owed for 2012 would be claimed back/declared in 2013.

    As any means testing always appears to apply to the previuos year of tax paid etc.

    Plus, the tax year, as such is Jan-dec, right??

    I've been told that if I received gift tax last year, I should have declared it before Oct2012 and that it's now late and I will pay a penalty etc.

    can this be true??? I was certain i didn't have to do anything til THIS year as it was June/July 2012. In fact, I'm only tuned in now cos I keep hearing something about a Feb15th deadline and I presumed this was for the 2012 tax year.

    Help?? If I am now late, what penalty am I looking at??? Why the diferent deadlines? If you claim back, for example, on medical tax relief, you claim the following year. If you're a landlord, don't you claim back tax the following year etc, etc...

    Thanks.


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    The income tax year runs from jan to dec.

    The Capital Acquisitions Tax (Gift Tax) year runs from Sept to August. If you received a gift not an inheritance, and it exceeds the threshold for that person after taking off €3k then the return is due by 31 Oct of that year.


  • #3
    Dilemma2013
    Registered Users, Registered Users 2 Posts: 3 ✭Dilemma2013


    Crap, I thought it was all the same. Never even thought of looking into it last year and figured I'd be dealing with it in the next tax year i.e. this year. Never knew - or needed to know, I guess, that there were different tax years! :mad:


Advertisement