In this week’s Blog Nuala McGowan, CPA, ACA, AIA and founder of McGowan Accountancy Services explains that the Capital Gains Tax (CGT) payment deadline is 31st January for assets disposed of between 1st December and 31st December 2025.
Nuala says that missing this deadline may result in interest charges or penalties. The final tax return must still be filed by 31st October of the year after the disposal.
CGT is a tax you pay on any capital gain (profit) made when you sell, gift or exchange an asset. It is the chargeable gain that is taxed, not the whole amount you receive.
The chargeable gain is usually the difference between the price you paid for the asset and the price you disposed of it for. The current rate of CGT is 33% for most gains. CGT is payable by the person making the disposal.
An asset is something of value that can be converted into cash. You have disposed of an asset if you have:
- sold it
- gifted it
- exchanged it
- or
- received compensation or insurance for it.
For more information on this topic contact Nuala on 090 66 25818 or 086 0352849.