The first instalment of Capital Gains Tax for 2013 is due for payment on or before 15 December 2013. This payment relates to gains arising on disposals of chargeable assets by individuals made between 1 January 2013 and 30 November 2013. For disposals made in December 2013 the payment is due on or before 31 January 2014.
Who does this apply to?
INDIVIDUALS WHO DISPOSED OF CAPITAL ASSETS IN THE PERIOD 1 JANUARY 2013 TO 30 NOVEMBER 2013
What should I do now?
CONTACT US AT FMB URGENTLY WITH DETAILS OF THE FOLLOWING:
DATE OF PURCHASE AND COST OF THE ASSET(S)
DETAILS OF ALL EXPENDITURE IN CONNECTION WITH THE PURCHASE, IMPROVEMENT AND DISPOSAL OF THE ASSET(S) CONCERNED
DATE OF DISPOSAL AND PROCEEDS RECEIVED/TO BE RECEIVED
Other important points to note
A DISPOSAL BY WAY OF CONTRACT OCCURS FOR CGT PURPOSES ON THE SIGNING OF AN UNCONDITIONAL CONTRACT, NOT WHEN THE CLOSING TAKES PLACE OR WHEN THE PROCEEDS ARE RECEIVED.
CAPITAL GAINS TAX BECOMES PAYABLE WHEN A CAPITAL PROFIT IS ACHIEVED. IF A CAPITAL LOSS IS INCURRED (I.E. YOU SELL FOR LESS THAN COST) IT IS EQUALLY IMPORTANT TO LET US HAVE THE DETAILS AS THE LOSS CAN BE OFFSET AGAINST MOST CAPITAL GAINS ACHIEVED IN THE FUTURE.
LATE PAYMENT OF CGT ATTRACTS INTEREST CHARGES
Should you have any queries, please do not hesitate to contact any member of our taxation department.
The FMB Taxation Team
