1005 Unremittable gains

Summary

This section provides that the Revenue Commissioners may postpone payment of capital gains tax in respect of gains arising abroad where the gains cannot be remitted to the State due to restrictions in force in the country where the gains accrued.

Details

Definition

(1) “particular gains” are chargeable gains accruing from the disposal of assets situated outside the State which are the gains or part of the gains on which tax is computed.

Application

(2) The section applies where the particular gains are included in an assessment for a year of assessment in which those gains accrued and the tax has not been paid.

Postponement of payment

(3) The Revenue Commissioners may allow the postponement of payment of the tax applicable to the particular gains if the taxpayer shows to the satisfaction of the Commissioners that the gains cannot be remitted to the State owing to legislation or governmental action in the country in which the gains accrued.

Information

(4) The Revenue Commissioners may call for any information they consider necessary for the purposes of the administration of this section.

Appeals

(5) A person who is dissatisfied with a decision of the Revenue Commissioners as to whether they are satisfied that particular gains cannot be remitted to the State has a right to appeal to the Appeal Commissioners by way of notice in writing. An appeal must be made within 30 days after the date of the notice notification of the decision.

Relevant Date: Finance Act 2019