Deadline is looming for Capital Gains tax

The tax applies to the disposal of assets such as the sale of property, holiday homes, land and the sale of shares

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. 

If you sold, gifted or transferred an asset between 1 January and 30 November 2020, or received capital payments from such assets, the deadline for payment of any Capital Gains Tax due is next Tuesday 15 December 2020. 

For disposals between 1 December and 31 December 2020, the payment deadline is 31 January 2021. Persons who have made a taxable gain will need to follow up next year with a capital gains tax return either as part of their income tax return where self-employed or income tax registered or via a separate capital gains tax return.