Revenue Note for Guidance

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Revenue Note for Guidance

CHAPTER 2

Capital gains tax

Overview

This Chapter provides for a modification of the general rules relating to the timing of assessment to and charging of capital gains tax where the person chargeable is not resident or ordinarily resident in the State. The Chapter also provides for the application for capital gains tax purposes of certain income tax provisions in such circumstances.

1042 Charging and assessment of persons not resident or ordinarily resident: modification of general rules

(1) This section provides that capital gains tax payable on a chargeable gain accruing to a person who is not resident or ordinarily resident in the State at the time of the disposal may be assessed and charged before the end of the year of assessment in which that gain accrues. It further provides that the tax so assessed and charged is payable 3 months from the date of disposal or 2 months after the making of an assessment, whichever is the later.

(2) In a case in which an assessment is made in the year of assessment under this section, any allowable losses which accrued to the person up to the date of assessment may be deducted in computing the amount of capital gains tax payable. If losses occur in the year of assessment but after the date of assessment, section 31 will apply in the normal way so as to permit review of the full year of assessment after the end of that year and allow a repayment of any tax overpaid.

Relevant Date: Finance Act 2019