Not in my experience.Is it mandatory to fill in the "Chargeable Assets" panel for any shares I purchased in 2015 ?
I have other shares accumulated over last 15 years that have never been declared as "Chargeable Assets" but I do pay appropriate CGT on disposal. Is there any issue here ?
The tax due depends on the tax residence when the disposal takes place, not on where you were in the intervening period. If UAE has no CGT, and the shares are in profit, it would be a good idea to consider selling them before you become Irish tax resident. You can buy them again once you are Irish resident and restart the CGT 'clock'.I bought bank of Ireland shares 4 years ago and not looking to sell for years to come. what tax will I pay when I sell and im living in UAE past 5 years so will I still pay tax if I sell when moving back to Ireland or only on the years I am back there?
Why do you think you can't offset losses? What assumptions are you making? Are you thinking about the 4-week rule, and if so what specifically have you done that means it applies? (You haven't given enough info as it depends on the class of shares bought and sold).Thanks for your answer ... on another topic:
Let's say that in the period January 2016 - November 2016 I made 30k profit buying and selling shares , in the same period I have lost 25k buying and selling shares, not a single share was ever held more than 4 weeks
Do I understand correctly that I can't take losses into account and that I'm liable to pay 10k taxes? Basically 33% of CGT ON profits???
It doesn't make any sense as ultimately I will walk away with less capital than I started
No. Revenue's wording is a little bit awkward, but there are actually two four-week rules. The first is about selling shares within four weeks of acquisition and it says that FIFO rules do not apply in this case. This would only apply in your example if you already held other AAPL or NVDA shares.Hi,
hypotetic scenario : ordinary stock shares available on nasdaq and nyse,
1st transaction 1st of July BUY 10000 APPLE (AAPL) at 90$
2nd transaction 15th of July SELL 10000 APPLE (AAPL) at 100$
3rd transaction 16th of July BUY 10000 NVIDIA (NVDA) at 100$
4th transaction 20th of July SELL 1000 NVIDIA (NVDA) at 90$
my understanding is that I can't offset the losses because the shares of NVDA were not held for more than 4 weeks but of course I'm still liable to pay CGT on the gain I made with AAPL - of course after taking into account exchange rates, exemptions etc...
I'm in a similar situation. Did you ever get an answer to your question dub_nerd?I have a question about the CGT payment dates that Revenue sets out for the two parts of the tax year('initial period' - 1 January to 30 November, and 'later period' - 1 December to 31 December). I have a gain on sale of shares for the first part of the year. Going by the letter of the law, Revenue seem to expect payment of tax for the first gain by Dec 15th. However, I have a large loss that I plan to realise on other shares before the end of the tax year, which guarantees that my CGT liability will be zero. How does this work if I don't sell the loss-making shares until December? Revenues CGT1 booklet doesn't seem to cover the situation.
(Obviously the easy answer is to just sell the loss-making shares earlier. However, trading on them is currently suspended, and could legally remain so for six months to October. In any case I'm interested in the general principle).
Yes. There's a whole other thread on it over here. Bottom line is there is no need to pay CGT by the deadline for the first period if you are sure you are going to make a compensating loss in the second.I'm in a similar situation. Did you ever get an answer to your question dub_nerd?