Capital Gains, Panel L, Pages 29 to 31
Gains and losses made on the sale of your chargeable assets during 2018 should also be reported on the Form 11, at Panel L. Firstly, the sales proceeds you have received should be reported in the boxes describing the type of asset you have sold. Various reliefs, such as retirement relief, may be available.
You should report your losses from the sale of chargeable assets in 2018, even if you do not have any chargeable gains for 2018. Remember, losses brought forward from prior years can be used to offset gains in 2018. Lines 805 (e) and 806 (e) have been added to capture Section 604B relief, which allows you to claim relief from capital gains tax (CGT) for farm restructuring in certain circumstances. This relief will apply to a sale, purchase or exchange of agricultural land in the period January 1, 2013 to December 31, 2019, where Teagasc has certified that a sale, purchase or exchange of agricultural land was made for farm restructuring purposes. In addition, line 810 has been added to capture Section 604A relief.
Under this provision, you may claim relief from CGT, for property purchased between December 7, 2011 and December 31, 2014, on a disposal of such a property, where that property is held for more than seven years. The gain attributed to that seven-year period will not attract CGT. Where the property is held for at least four years and less than seven years, any gain will not be liable to CGT where the disposal was made on or after January 1, 2018.
For 2018, the due date for paying CGT has already passed:
• Disposals between January 1, 2018 and November 30, 2018 inclusive - CGT was due by December 15, 2018;
• Disposals between December 1, 2018 and December 31, 2018 inclusive - CGT was due by January 31, 2019.
If you are only paying your CGT due when you file the Form 11, you are likely to be charged interest by the Revenue Commissioners.
Chargeable Assets Acquired in 2018, Panel M, page 31
This should include any chargeable assets acquired during 2018, and the amount you paid for the assets.
Panel O, Self-Assessment, Pages 34 to 35
TOP TIP: Lastly, you must make a self-assessment for 2018 by completing the self-assessment section of the Form 11. If you do not make this self-assessment, you may be needlessly liable to a penalty of €250. The income tax, USC and PRSI liability is calculated in this panel, and you can deduct the preliminary tax you paid for 2018 already.
The CGT liability is also included here.
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