how do PAYE people get setup to pay CGT on shares

ComplyOrDie

Hello All,

Looking for some direction with CGT.

I work for a company that has a share plan, i invested at a discounted rate a few years back (locked in for 3 years) and shares plan i was on matured about a year ago. Share price soared earlier in the year and i decided to sell a large proportion of shares. Sale has gone through and I've got my money but now i have to pay CGT on the profit. 

I have a myAccount with revenue but couldn't see an option to pay CGT

All FAQ i read were pointing me to register with ROS site, but when i try to register it fails as i'm not self employed.

I have submitted a number of my enquires with myAccount, none were being dealt with (3 were pending for 20+ days)

I decided to ring, i got through to a lady who told me I'd need to fill out a CG1 form, now that I'm looking at that form it's referring to 2020, but my transactions/sales are in 2021

I'm beginning to go around in circles and the whole process is starting to make no sense

My understanding was that I'd need to pay tax this year, but submit return next year.

Have any of you PAYE people had experience paying CGT on shares and if so can you break steps down for me.

thanks

COD

bawnBeag

You need to calculate CGT and pay it this year before the December deadline. You file the return next year for 2021.

bawnBeag

You can also ask revenue to add a CGT tax head which should allow you set up a payment against so that they debit the amount on a date of your choosing

relax carry on

All info in the below link. You do need Revenue to register you for CGT though as you are a PAYE individual.

https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/when-and-how-do-you-pay-and-file-cgt.aspx

xeresod

Contact them through "my enquires" online and ask to be registered for CGT, they'll reply once you're setup for it then you'll have the option to pay GCT in the payments list.

ComplyOrDie

Thanks for your help here guys, All sorted now. I called Collector General's Division to get CGT added as a option in the make a payments section of my account, and have been able to make the payment.

I got sent around in circles as:

• Revenue seem to have a big backlog with my accounts MyEnquiries (taking 25+ days to action)
• The website has no clear instructions on how paye customers can pay CGT
• When I made the initial call I got below advice sent to existing MyEnquiries ticket hence the confusion.

"As promised I have attached the GG1 form as requested.

To enable me to register you for Capital Gains Tax please complete the attached form and return it to me via your myaccount in a Myenquiry.

Yours sincerely

xxxxx,"

However the 2nd call i made was far more productive as the lady knew what to do.

Once again thanks for the clarification that helped me get this sorted

COD

Bojill

https://www.boards.ie/discussion/comment/118311909#Comment_118311909

If a person sold shares but did not make the 1270 profit, do they still need to declare?

The declaration for shares sold in 2021 would be done on the 2021 tax return?

Thanks