The
first instalment of Capital Gains Tax for 2013 is due for payment on or before
15 December 2013. This payment relates to gains arising on disposals of
chargeable assets by individuals made between 1 January 2013 and 30 November
2013. For disposals made in December 2013 the payment is due on or before 31
January 2014.
INDIVIDUALS WHO DISPOSED OF CAPITAL ASSETS IN THE PERIOD 1
JANUARY 2013 TO 30 NOVEMBER 2013
CONTACT US AT FMB URGENTLY WITH DETAILS OF THE FOLLOWING:
DATE OF PURCHASE AND COST OF THE ASSET(S)
DETAILS OF ALL EXPENDITURE IN CONNECTION WITH THE PURCHASE,
IMPROVEMENT AND DISPOSAL OF THE ASSET(S) CONCERNED
DATE OF DISPOSAL AND PROCEEDS RECEIVED/TO BE RECEIVED
A DISPOSAL BY WAY OF CONTRACT OCCURS FOR CGT PURPOSES ON THE
SIGNING OF AN UNCONDITIONAL CONTRACT, NOT WHEN THE CLOSING TAKES PLACE OR WHEN
THE PROCEEDS ARE RECEIVED.
CAPITAL GAINS TAX BECOMES PAYABLE WHEN A CAPITAL PROFIT IS
ACHIEVED. IF A CAPITAL LOSS IS INCURRED (I.E. YOU SELL FOR LESS THAN COST) IT
IS EQUALLY IMPORTANT TO LET US HAVE THE DETAILS AS THE LOSS CAN BE OFFSET
AGAINST MOST CAPITAL GAINS ACHIEVED IN THE FUTURE.
LATE PAYMENT OF CGT ATTRACTS INTEREST CHARGES
Should
you have any queries, please do not hesitate to contact any member of our
taxation department.
The FMB Taxation Team