CGT

Waternotsoda

Just wondering, what is the due date on cgt 2020.

wrangler

Waternotsoda wrote: »

Just wondering, what is the due date on cgt 2020.

If you sold or transferred an asset between 1 December and 31 December 2020, or if you received capital payments from such assets, you must pay any Capital Gains Tax due by 31 January 2021.

For disposals between 1 January and 30 November 2020, payment was due by 15 December 2020.

That's unless covid has it changed

Lime Tree Farm

Well now, I didn't know that!

" however capital gains tax can also apply in lesser-known circumstances such as where an owner receives compensation for the granting of rights such as granting wayleaves, rights of way, rights to install cables, water or gas pipelines. " https://www.irishexaminer.com/farming/arid-40187889.html

Tonynewholland

Lime Tree Farm wrote: »

Well now, I didn't know that!

" however capital gains tax can also apply in lesser-known circumstances such as where an owner receives compensation for the granting of rights such as granting wayleaves, rights of way, rights to install cables, water or gas pipelines. " https://www.irishexaminer.com/farming/arid-40187889.html

Did you think it would have come under income tax

Lime Tree Farm

Tonynewholland wrote: »

Did you think it would have come under income tax

No, I thought compensation would be tax free. I wasn't aware of the CGT implications.

wrangler

Lime Tree Farm wrote: »

No, I thought compensation would be tax free. I wasn't aware of the CGT implications.

I had to pay CGT on Compulsory Purchase money for roads, the only advantage is that it's the cheapest tax you can pay, Much better than being taxed at income tax rates

Water John

Burdens on land like wayleaves can be offset by its reduction in the capital value of the asset. Check a good accountant. It is as Lime says, compensation for the reduction in value.

wrangler

Water John wrote: »

Burdens on land like wayleaves can be offset by its reduction in the capital value of the asset. Check a good accountant. It is as Lime says, compensation for the reduction in value.

I don't think so, We had to pay it on compensation for reduction in value as well

Lime Tree Farm

I've no experience of compulsory acquisition, but am gobsmacked that they could drive a coach and four through your livelihood and lands and then tax it like a windfall. Is there an offset if you reinvest the monies in agri land?

wrangler

Lime Tree Farm wrote: »

I've no experience of compulsory acquisition, but am gobsmacked that they could drive a coach and four through your livelihood and lands and then tax it like a windfall. Is there an offset if you reinvest the monies in agri land?

No, roll over relief is finished, there's some sort of relief if you sell land to buy land nearer home, but that's available to everyone and there's a lot of Ts and Cs to it

Water John

The rules would be different on compulsory acquisition as the asset is gone. It is sold by you, whether you like it or not.

All roads are done by compulsory acquisition. The N22 in Cork is being built ATM, from the Cork side of Macroom to the Kerry border. Lot of land CPOd.