Even though the Income Tax Return deadline for 2014 has just passed, there are still a number of key deadlines which individuals will need to be aware of. One such date is 15th December 2015, which is the payment date for Capital Gains Tax (CGT) on assets disposed between 1st January 2015 and 30th November 2015. To assist you in understanding the relevant filing deadlines we have outlined below the key dates which you should be aware of.
Capital Gains Tax
In 2009 the Revenue Commissioners revised the payment periods for Capital Gains Tax to the following dates:
Capital Gains Tax – Payment Dates
| Assets Disposed Between | Payment Deadline |
| 1st January 2015 – 30th November 2015 | 15th December 2015 |
| 1st December 2015 – 31st December 2015 | 31st January 2016 |
Capital Gains Tax - Return of details of disposal
| Assets Disposed Between | Details to be included in | Date Due |
| 1st January 2015 – 30th November 2015 | Income Tax Return for the year ended 31st December 2015 | 31st October 2016 |
| 1st December 2015 – 31st December 2015 | Income Tax Return for the year ended 31st December 2015 | 31st October 2016 |
If however, you are not required to complete an Income Tax Return you should then return the details of the disposal through a Form CG1. It must be noted that details of the disposal are required to be made even if a capital loss was incurred. If you have disposed of an asset between 1st January 2015 and 30th November 2015 and would like assistance in calculating your tax liability arising, please do not hesitate to contact a member of our team.
Local Property Tax
The following are the various payment options available, along with the relevant dates by which you are required to make your choice:
| Payment Method | Payment Notification Deadline Date | Payment taken |
| Direct Debit | 25th November 2015 | Monthly from 15th Jan 2016 to 15th Dec 2016 |
| Deduction from Salary | 25th November 2015 | Deducted from salary over the course of 2016 |
| Single Payment | 7th January 2016 | Date on which you complete the transaction |
| Single Debit Authority | 7th January 2016 | 21st March 2016 or earlier date, if specified by the tax payer |
While the dates for payment by direct debit and deduction from salary have passed, you may still avail of these options for 2016, but it would be advisable to contact the Local Property Tax Section of the Revenue Commissioners as soon as possible to ensure there is enough time to have your preference in place before the start of the new year. If however you paid your LPT through Direct Debit or Deduction from Salary in the prior year, and you wish to continue this method for 2016, no action is required to be taken.
Income Tax
Even though the Income Tax Return deadline for 2014 has just passed in November, we outline the current Income Tax filing deadlines for 2016:
| Return | Date Due |
| Submission of Income Tax Return for the year ended 31st December 2015 | 31st October 2016 |
| Payment of balance of 2015 Income Tax Liability | 31st October 2016 |
| Payment of Preliminary Income Tax for the year ended 31st December 2016 | 31st October 2016 |
With many taxes now falling under the “Self Assessment” scheme, it is important for the tax payer to be aware of the various deadlines and payments dates applicable. If such deadlines are missed or returns are filed incorrectly, the Revenue Commissioners may apply an interest charge on the liability due. If you have any queries in relation to the above or require any assistance in calculating any possible liabilities that may arise, please do not hesitate to contact us here.
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