The Capital Gains Tax payment deadline is 15th December 2010.
This applies to assets disposed up to by 30th November 2010.
Disposals between 1st December 2010 and 31st December 2010, the date for payment is 31st January 2011.
This covers a disposal by sale,exchange,gift or otherwise and money does not have to change hands for a liability to arise.
Capital gains tax is a two step procedure
- Pay the tax by the due date (15th December or 31st January)
- Lodge the tax return by 31st October of the following year regardless of whether a CGT liability arose.
Late returns are surcharged at 5% or 10% .
Late payments are liable to interest.
The area of capital gains tax is very complex and professional advice should be sought to ensure all reliefs and exemptions are claimed.