Key Post Capital Gains Tax on sale of shares

Discussion in 'Tax' started by Brendan Burgess, Sep 19, 2009.

  1. browtal

    browtal Frequent Poster

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    497
    I Intend selling shares in the coming months. I have a loss situation since Eircom-Vodafone dealing.
    I do not know how much or how to calculate this, but intend selling the remaining shares.

    I understand from your site that I need to sell the remaining Vodafone shares and I can then write off
    the loss from other profit making shares which I intend to sell.

    As I have no knowledge of share dealing, but have reasonable maths ability, would it be advisable to get a dealer to execute the
    deal, is it very complicated?
    I appreciate any advice many thanks Browtal
     
  2. JohnRoberts

    JohnRoberts New Member

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    9
    My wife and I have some shares we hold in a joint nominee account together. We wish to sell some which we bought and will make some gains on them. We are jointly assessed, she is PAYE and I am self-employed, can we both claim the CGT allowance or will we need to split the shares 50/50 over 2 nominee accounts to do so?
     
  3. Gordon Gekko

    Gordon Gekko Frequent Poster

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    2,237
    Nah, a. Joint account is fine
     
  4. Westy29

    Westy29 Frequent Poster

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    73
    Hi

    Is there a time limit for offsetting losses?

    If I sell shares in 2015, can I offset any gains against losses i made lets say in 2007 or 2008?

    Thanks
     
  5. Gordon Gekko

    Gordon Gekko Frequent Poster

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    2,237
    No time limit currently
     
  6. sole

    sole Frequent Poster

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    68
    I am over 55 years old. I understand if I sell assets I can avail of Relief up to €750,000. Does this relief only refer to sale of land of does it relate of sale of shares or any assets?
     
  7. Sophrosyne

    Sophrosyne Frequent Poster

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    801
    This is not a general exemption for over 55s. It is available when there is a disposal of farms and businesses.

    This should give you the information you seek. Scroll to Disposal of a Business or Farm.
     
  8. Dman35

    Dman35 Frequent Poster

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    44
    Hi Folks,

    I have read through the above posts and can see similar questions but didn't see any answer so forgive me if I've missed it.

    If I sold shares in 2014, some of which I made a profit on and some I made losses on however between the two the overall profit is less that €1,270 do I need to complete an return for these transactions?

    Tks
     
  9. smalltimetrader

    smalltimetrader New Member

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    1
    I have a slightly technical question re CGT (on share trading);
    We have submitted our returns for 2014 and have carried forward into 2015 a capital gains loss of €743.
    All shares are held jointly with my wife.
    Therefore in 2015 we can make a gain of €3,283 before we are liable for CGT. (€743+€1,270+€1,270=€3,283)
    So far this year we have completed three share sales and each made a gain, the total gains come to €3,434.
    Taxable gain to date in 2015 is €151. (€3,434-€3,283=€151).

    Question; We are now considering selling shares that will give us a loss €700, can this loss only be carried forward against future gains or must it be used in all our other 2015 calculations, which will mean that instead of having to pay tax on €151 we will be carrying forward a loss of €549 (€700-€151=€549) into 2016 provided we don't do any more trades in 2015?
     
  10. rob oyle

    rob oyle Frequent Poster

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    447
    No, you cannot carry a loss by applying the annual allowance first. In this case you would have no gain recorded in 2015 and no loss carried into 2016.
     
  11. Nomansland

    Nomansland Frequent Poster

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    70
    Hi,
    Just to be absolutely clear,
    Is it correct to say that I can carry forward unused losses from over 10 years ago to offset against my gains from this year?

    Also,
    The gain this year was made on shares that are held in both me and my wife's name (Davy account with both our names on it). Can I definitely apply both mine and her 1270 CGT allowance (1270 x 2 = 2540 total) to reduce our tax liability.

    Thanks in advance.
     
  12. jpd

    jpd Frequent Poster

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    1,291
    I believe losses can be carried forward indefinitely so losses from 2007 can be used to offset gains in 2014 if they haven't been used previously
     
  13. rob oyle

    rob oyle Frequent Poster

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    447
    Yes, but you must utilise your historic loses in full before availing of the 1270 allowance.
     
  14. stevemac

    stevemac New Member

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    6
    I sold my Vodafone shares in 2014 and from what I read I have a loss of 721 in CGT
    However I also received dividends on another share to the value of 3000
    How do I show this in the form 11 for 2014
     
  15. jpd

    jpd Frequent Poster

    Posts:
    1,291
    Dividend income and capital gain losses are treated independently.

    The CGT loss is on the Captial Gain section

    The dividend income is entered elsewhere depending on the origin of the income - Irish, UK, US, etc there are different lines for these countries
     
  16. horusd

    horusd Frequent Poster

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    1,576
    As a matter of interest, I had shares in the now long-gone Waterford Wedgewood group, I lost the investment entirely, can this loss from many moons ago be offset now? I have since paid CGT (never really entered my head to query the lost WW shares) since then. Will the fact that I have paid CGT in the interim be a problem?
     
  17. Gordon Gekko

    Gordon Gekko Frequent Poster

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    2,237
    No. You just need to make a negligible value claim. Revenue's website sets out what you need to do.
     
  18. stevemac

    stevemac New Member

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    6
    I am completing my form 11 and want to update the CGT section with Vodafone shares information.
    In total my wife and I had 1120 shares which came from the eircom shares. We capitalised them in 2014 as part of the process and from what I read that equates to a loss.
    But the CGT section on the ROS form does not seem to allow me put in a negative figure. Can anyone explain how to enter this on the form 11 ?
    Thanks
     
  19. boltownes

    boltownes Registered User

    Posts:
    35
    It looks like I've made a gain of €50 for 2015 after my personal exemption is deducted. Should I have completed CG1 and made a payment on this? It seems a trivial amount to be filling out forms for when it could just be included in my Form 12. Grateful for advice.
     
  20. Sham82

    Sham82 New Member

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    2
    Hi,new to this thread,would appreciate some advice,sold shares recently in an irish company at a profit,was wondering can i use the loss i made of €5000 on evergreen fund s9 4 years ago against the gain,thanks,was told i cant by stockbroker but just making sure,thanks