Capital Acquisitions Tax – ROS Form IT38

Aug 3

In June 2010 Revenue launched a new version of the Capital Acquisition Tax (CAT) Form IT38 on ROS.

This Form has now been enhanced further, particularly in relation to Favourite Niece/Nephew Relief and in relation to Capital Gains Tax.

Users of the ROS Offline Application should note that a new version of the IT38 Form is today available to download. To ensure that you have the most up to date version of this form installed, you should:

Open the ROS Offline Application

Select “Download”

Select “Refresh”

Scroll to the “Form IT38”

Select the “Upgrade” button (the “Upgrade” button will not be available/visible if you have already downloaded the latest version of the Form IT38).

When you have successfully downloaded the new version of the return you can continue preparing Forms IT38 for your clients.

If you have prepared Forms IT38 for your clients, using an earlier version of the form, that have not yet been filed, you should open them in ROS Offline, review the content and save them again before uploading them on ROS. This will ensure that the most up to date version of the return is used.

Practitioners may have noticed, on the “Print” option of the ROS Offline Application, that the current benefit is displayed as though it has been rounded down to the nearest thousand. This incorrect display of the current benefit is not affecting the correct calculation of the tax due and will be corrected in a further upgrade of the Return scheduled for September.

The September upgrade will also make some minor calculation changes where credit in respect of CGT arises.

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