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Where to record info re shares sold in 2019 in 2019 tax return filing in Oct 2020

  • 09-09-2020 9:37am
    #1
    Passport1
    Registered Users, Registered Users 2 Posts: 150 ✭✭


    I sold shares in June 2019 and paid CGT Liability on the gain at time of sale in 2019

    I recorded this transaction in form CGT1 submitted in Oct 2019

    When filing Tax return for 2019 later this year

    What form do i need to fill in calling out this share sale in 2019 and the CGT paid in 2019 at time of sale ?
    -or-
    Where in Form 12 would i record this?
    -or-
    Do i need to do anything relating to this and revenue will have the record of this and factor this in when reviewing my tax return and generated revised p21 for 2019 showing amount owed/owing?

    Thanks


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Passport1 wrote: »
    I sold shares in June 2019 and paid CGT Liability on the gain at time of sale in 2019

    I recorded this transaction in form CGT1 submitted in Oct 2019

    When filing Tax return for 2019 later this year

    What form do i need to fill in calling out this share sale in 2019 and the CGT paid in 2019 at time of sale ?
    -or-
    Where in Form 12 would i record this?
    -or-
    Do i need to do anything relating to this and revenue will have the record of this and factor this in when reviewing my tax return and generated revised p21 for 2019 showing amount owed/owing?

    Thanks

    The form cgt1 for was due to be filed in 2020 not 2019. The return should match the payment. If there wasn't a return on file for the CGT payment it could stop you receiving a statement of liability/P21 as the system would think one was outstanding. The form GCT1 is the correct one to file for pure PAYE taxpayers as the form 12 return for PAYE taxpayers has no CGT section.


  • #3
    Passport1
    Registered Users, Registered Users 2 Posts: 150 ✭✭Passport1


    Thanks Relax_carry_on for the reply and information.

    My mistake :-(.

    My OP should have read

    - Shares sold in June 2018 and paid CGT liability on the gain at the time of the sale in 2018 - not 2019

    In the CG1 form submitted in Oct 2019 relating to this I called out the Preliminary CGT Tax amount paid and what was outstanding in Section 23 of CG form so revenue would have factored that into their calculations and issuing of updated P21 statement for 2018 calling out amount owed/owing - right?

    Thanks


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