Made a mistake in my Self Assessed Tax Return for 2018

Hi,

I completed Form 11 through the ROS website and submitted my self assessed tax return for 2018. I've always been a PAYE employee but I started receiving rental income from land I inherited from my late father in 2018 so I filled in the PAYE section using my P60 for 2018 and then completed the rental income section of Form 11, it calculated the tax I was due to pay, I signed it as accurate and paid the money due to Revenue. All sorted I thought for 2018.

Anyway I was walking through Tesco today and while looking at vegetables I suddenly realized I didnt declare the actual land I inherited from my father through Form 11 or in my self assessment that I submitted. Anyway, after swearing at the vegetables for a considerable amount of time, I decided to calm down and figure out what I have to do if anything to correct my screw up.

So the background is this.......My dad died April 2018 and we read the will in July 2018. I inherited everything from him which was basically just a small piece of land worth EUR 140,000 so I fall under the threshold limit for Capital Acquisition Tax so my tax liability should be zero. So the solicitor obviously is taking care of settling the estate. So after all costs and liabilities, the estate is worth about EUR 125,000 and I signed the final forms with solicitor in February 2019 and they sent it off to the probate office.

So I guess I have two questions:
1. Should I have declared the land inheritance in my 2018 tax return even though the solicitor only sent the will to the probate office in 2019?
2. If I should have declared the land inheritance in my 2018 tax return then can I amend my tax return at this stage and in what section of Form 11 should I have declared the inheritance?

Thanks in advance!

davindub

There is a online form to complete CAT returns but it doesn't need to be filed until you pass 80% of the relevant threshold.

duffysfarm

Davindub is correct.
I hope the solicitor didn't charge the difference between the original value and end value in fees!
You should perhaps look into a longer term lease for farm land which has some tax exemptions. If you would like to know more then I can post a link to the revenue website on this. May he worth looking into !