Revenue has issued Form CG1, Capital Gains Tax Return for 2009. The return requires details of disposals of chargeable assets made during the 2009 tax year and should be completed by persons who are not obliged to submit an Income Tax Return or who are exempt from Income Tax. Taxpayers should note that failure to file the return, even in cases where the tax liability has been fully paid ontime, may result in a surcharge.

Form CG1 is due for submission by 31 October 2010. As readers of eNews will be aware any capital gains tax due in respect of disposals made in 2009 should already have been paid to Revenue. The due date for capital gains tax arising on disposals made in the period from 1 January 2009 to 30 November 2009 was 15 December 2009 and the due date for capital gains tax arising on disposals made in December 2009 was 31 January 2010.

Form CG1 can be accessed from http://www.revenue.ie/en/tax/cgt/forms/index.html and further information on capital gains tax can be accessed at http://www.revenue.ie/en/tax/cgt/leaflets/index.html