With the deadline for CGT payments falling only five days after the extended ROS filing deadline for income tax returns, Revenue have confirmed it is willing to take a pragmatic approach on interest charges applying to late payments. A pragmatic approach will be taken where it can be demonstrated that there is genuine difficulty in meeting the deadline on 15 December due to COVID-19.
Revenue confirmed in an email to this Institute that:
“Revenue is prepared to take a pragmatic approach where it can be demonstrated that there is genuine difficulty in meeting the filing deadline (or within a few days of it) due to COVID-19. If, in exceptional cases, more than a few days flexibility is required, contact must be made by MyEnquiries, confirming the difficulties are COVID-19 related and indicating, within reason, the amount of additional time required.”
Revenue have issued a reminder on the payment deadline for capital gains tax on 15 December.
For disposals made between 1 January and 30 November 2020, the payment date for any capital gains tax liability arising is Thursday, 15 December. Where a payment is late and an agreement is not in place with Revenue, interest applies at a rate of 0.0219 percent per day of late payment.
For disposals between 1 December and 31 December 2020, the payment deadline is 31 January 2021.
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