Revenue approach to late CGT payments for 15 December deadline

Dec 07, 2020

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.