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Capital Gains Tax

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Comments

  • #32
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    Mantis Toboggan wrote: »
    What are the consequences for failing to declare and if not declaring is it likely to be discovered?

    Pretty well outlined above, I would say. Nobody can give you betting odds on getting discovered, just point out that revenue does anywhere between 80-100,000 investigations per year in a country of 3.6 million adults and the average ticket value of what they uncover isn’t really all that high. If you’re inclined to want to gamble like that, just go straight down to Paddy Power - your winnings are tax exempt.


  • #33
    highgiant1985
    Registered Users Posts: 1,776 ✭✭✭highgiant1985


    Hi,

    I'm trying to make a payment on-line on CGT that I owe having recently disposed of shares.

    I've logged in to my account.

    1. Gone to Payments/Repayments.

    2 Selected Make a Payment.

    3. Selected Tax (as description identifies it as covering CGT)

    4. I'm then asked to select which tax I wish to Pay.

    5. I don't see any option in this list for CGT.

    Can the payment be made under Income Tax? Or which option in this list should be selected to pay the owed CGT?

    I've already calculated out what I owe so only need to pay over the amount.


  • #34
    Saudades
    Registered Users Posts: 378 ✭✭Saudades


    highgiant1985 wrote: »
    I'm trying to make a payment on-line on CGT that I owe having recently disposed of shares.

    5. I don't see any option in this list for CGT.

    Can the payment be made under Income Tax? Or which option in this list should be selected to pay the owed CGT?

    As far as I know, you need to contact Revenue and ask them to manually add the CGT option to your ROS account. No idea why it isn't already there by default.


  • #35
    Mantis Toboggan
    Registered Users Posts: 17,650 ✭✭✭✭Mantis Toboggan


    relax carry on wrote: »
    So if in the future you've a change of heart and make a disclosure you will still be liable for the tax due, along with a late filing surcharge, interest and appropriate penalties assuming your disclosure is accepted as qualifying. If Revenue come to you before you go to them, the it's tax, surcharges, interest and higher penalties. Depending on the liability amounts then there's also potentially publication and prosecution.

    Regarding the likelihood of being discovered, tax authorities and financial institutions around the world are sharing more and more data each year which is fed into automated risk systems. There are also data analysts within Revenue working to improve detection.

    Just on the penalties and surcharges any idea what these amount to? I might have gone slightly over the allowance in previous years, if I declare now could they discover I went slightly over the limit years ago and hit me with big fines?

    Few years back revenue discovered my wife had underpaid income tax during a grant application. Was strange as she works for the government. But anyway what she had underpaid was all that was due, no talk of surcharges or penalties.

    Free Palestine 🇵🇸



  • #36
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    Mantis Toboggan wrote: »
    Just on the penalties and surcharges any idea what these amount to? I might have gone slightly over the allowance in previous years, if I declare now could they discover I went slightly over the limit years ago and hit me with big fines?

    Few years back revenue discovered my wife had underpaid income tax during a grant application. Was strange as she works for the government. But anyway what she had underpaid was all that was due, no talk of surcharges or penalties.

    Penalties tend to be levied based on their opinion of genuine error or malicious intent. They will typically go back no further than 5 years. It sounds like in the prior case they saw an error for a PAYE employee (could be misapplication of tax credits?) and just got back what was owed. CGT is a different matter as you are expected to self-declare and know the limits, but if you make a voluntary disclosure you are not likely to be hit with the full 100% whack of fines so long as you fess up to the whole lot all at once. Fess up to some and have them find the same problem for prior years and they'll start to get more rigorous with you - what else are you hiding etc.


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  • #37
    HungryEmperor
    Registered Users Posts: 54 ✭✭HungryEmperor


    I have sold off stock that was present on the NASDAQ.

    It would have amounted to about 500 euro in gains. As this falls within CGT allowance I don't need to pay anything as this is the only thing I have sold this year.

    Do I still need to somehow declare it? I am unsure if this is something I need to do or how to go about it.


  • #38
    relax carry on
    Registered Users Posts: 4,071 ✭✭✭relax carry on


    Mantis Toboggan wrote: »
    Just on the penalties and surcharges any idea what these amount to? I might have gone slightly over the allowance in previous years, if I declare now could they discover I went slightly over the limit years ago and hit me with big fines?

    Few years back revenue discovered my wife had underpaid income tax during a grant application. Was strange as she works for the government. But anyway what she had underpaid was all that was due, no talk of surcharges or penalties.

    Surcharges for late filing are either 5 or 10% of the liability depending on how late you are. Tax geared penalties apply in compliance interventions and range from 3 to 100% of the tax liability. Interest apply at the daily rate applicable to whatever taxhead you are dealing with.

    https://www.revenue.ie/en/self-assessment-and-self-employment/code-of-practice-and-compliance/index.aspx


  • #39
    relax carry on
    Registered Users Posts: 4,071 ✭✭✭relax carry on


    HungryEmperor wrote: »
    I have sold off stock that was present on the NASDAQ.

    It would have amounted to about 500 euro in gains. As this falls within CGT allowance I don't need to pay anything as this is the only thing I have sold this year.

    Do I still need to somehow declare it? I am unsure if this is something I need to do or how to go about it.

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


  • #40
    ShaneODub
    Registered Users Posts: 45 ✭ShaneODub


    relax carry on wrote: »
    Surcharges for late filing are either 5 or 10% of the liability depending on how late you are. Tax geared penalties apply in compliance interventions and range from 3 to 100% of the tax liability. Interest apply at the daily rate applicable to whatever taxhead you are dealing with.

    https://www.revenue.ie/en/self-assessment-and-self-employment/code-of-practice-and-compliance/index.aspx

    What if the filing is late (couple of years late) but there was no liability. I only once made a profit before, and it was well below the threshold for the year.

    Any idea if late payment fees are enforced? They couldn't do it as a % of the liability given there was no liability. Am about to file for past years now as soon as I figure out how to do it.


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