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CGT Form 11

  • 26-10-2017 8:16pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    In relation to the CGT section of the Form 11, do assets have to be included even if used for the trade and sold for no gain/no loss like plant and machinery?
    Chargeable business assets acquired have to be disclosed so as a corollary does this imply all assets sold must me included?


Comments

  • #2
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    Heisenburg81 wrote: »
    In relation to the CGT section of the Form 11, do assets have to be included even if used for the trade and sold for no gain/no loss like plant and machinery?
    Chargeable business assets acquired have to be disclosed so as a corollary does this imply all assets sold must me included?

    Any opinions?


  • #3
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Heisenburg81 wrote: »
    Any opinions?

    Define "have to"?

    If it's catered for on the form then you "should" complete it if relevant.

    What's the consequence if you don't? Is the return still a full and true disclosure of all material facts necessary for the making of a correct assessment?


  • #4
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    barneystinson wrote: »
    Define "have to"?

    If it's catered for on the form then you "should" complete it if relevant.

    What's the consequence if you don't? Is the return still a full and true disclosure of all material facts necessary for the making of a correct assessment?

    I dont know what the concequences are. No impact on liabilities but yes, for a full picture may be relevant.
    If not required or enforced why not be definitive on things in the guidance..
    I know some practices completing and others not.
    Administrative burden if not required for no gain/no loss disposals.


  • #5
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Heisenburg81 wrote: »
    I dont know what the concequences are. No impact on liabilities but yes, for a full picture may be relevant.
    If not required or enforced why not be definitive on things in the guidance..
    I know some practices completing and others not.
    Administrative burden if not required for no gain/no loss disposals.

    Administrative burden going in, but may avoid costly interactions with Revenue afterwards. Everything included in a return feeds into their databases. They have various risk software to identify discrepancies or anomalies in returns, which feed into their compliance activities. Leaving a field blank that ought to be completed could result in Revenue perceiving a risk where one may not actually exist.


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