Taxes Consolidation Act 1997 section 1042

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

Section 1042 provides for the early assessment and collection of capital gains tax from persons who are not resident or not ordinarily resident in the State at the time of a disposal.

• CGT on gains accruing to non-residents may be assessed and charged before the end of the year of assessment in which the gain arises.
• The tax is payable within three months of the disposal or two months of the assessment, whichever is later.
• The normal self-assessment payment rules do not apply to these disposals.
• Allowable losses accruing up to the date of the assessment may be deducted in computing the tax payable.