Capital Gains Tax payment deadline is fast approaching.
Capital Gains Tax (CGT) is a tax charged on the capital gain (profit) made on the disposal of any asset. The difference between the price you paid for the asset and the price you sold it for is considered taxable income. The current rate of CGT is 33%.
The CGT tax year is divided into two separate periods with separate payment dates:
- Disposal made between 1 January to 30 November
- Payment due by 15 December in the same year
- Disposal made between 1 December to 31 December
- Payment due by 31 January the following year
CGT due on any disposals made between 1 and 31 December 2017 is due for payment by 31 January 2018. If you disposed of any assets during this period, you should review your CGT position and arrange any relevant payment.
The CGT Return is filed at the same time as your Income Tax Return. The 2017 CGT Return is due for filing on or before 31 October 2018.
For any additional information or advice with this or any matter relating to Capital Gains tax, contact a member of our tax team.