Key Post Capital Gains Tax on sale of shares

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tsb52 said:
did you find out if this can be done on myAccount website or on paper only
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If you are a PAYE taxpayer only then it's a form CGT1 downloaded filled in and physically posted or scanned in through MyEnquiries. If your are a form 11 self assessed filer then it's part of the form 11.

When and how do you pay and file CGT?

This page outlines the steps to follow in order to pay and file Capital Gains Tax
www.revenue.ie www.revenue.ie
 
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Brendan Burgess said:
Personal exemption
Individuals have a personal exemption of €1,270 each year

Calculating the chargeable gain
The sales proceeds includes the net proceeds after paying broker fees.
The cost is the total cost including stamp duty and brokers’ fees
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relax carry on said:
If you are a PAYE taxpayer only then it's a form CGT1 downloaded filled in and physically posted or scanned in through MyEnquiries. If your are a form 11 self assessed filer then it's part of the form 11.
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Is it necessary to file a return when the gain was less than the personal exeption? i.e. the net gain is €0 after deducting the relief.
For PAYE taxpayer filing for shares sold in 2019.
 
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Tickle said:
Is it necessary to file a return when the gain was less than the personal exeption? i.e. the net gain is €0 after deducting the relief.
For PAYE taxpayer.
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I only do a CGT return on disposed of shares (filed in the year it was realized) when I am making a payment for CGT and where tax is due and then follow it up in the following year on the form 11 return. I will bow to greater tax knowledge here, but I imagine this would be covered if needed on the form 11 filed the following year.
 
horusd said:
I only do a CGT return on disposed of shares (filed in the year it was realized) when I am making a payment for CGT and where tax is due and then follow it up in the following year on the form 11 return. I will bow to greater tax knowledge here, but I imagine this would be covered if needed on the form 11 filed the following year.
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To clarify, I am not referring to the payment which would be done in the year of sale. I am looking to find out if I need to file cgt1 form in addition to the usual form 12s online for 2019.
 
Tickle said:
To clarify, I am not referring to the payment which would be done in the year of sale. I am looking to find out if I need to file cgt1 form in addition to the usual form 12s online for 2019.
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I did a few years ago, but I had included an amount that wasn't correct, and I owed a few Euros more.
I would just to tick the boxes.
 
I don't owe anything. 2019 Net gain was €0 after personal exemption. Do I need to fill out cgt1 and does it have to be included somewhere on the form 12 online?
 
Tickle said:
I don't owe anything. 2019 Net gain was €0 after personal exemption. Do I need to fill out cgt1 and does it have to be included somewhere on the form 12 online?
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See: https://www.revenue.ie/en/gains-gif...set/when-and-how-do-you-pay-and-file-cgt.aspx

Particularly sections 'When to file your CGT return' and 'How to file you CGT return.' It looks like you need to file a return in the year after the disposal irrespective of whether tax is due or not, and the process is self-explanatory per the above.
 
Olympian said:
When to file your CGT return
You must file by 31 October in the year after the date of disposal. You must do this even if no tax is due because of reliefs or allowable losses.
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horusd said:
Particularly sections 'When to file your CGT return' and 'How to file you CGT return.' It looks like you need to file a return in the year after the disposal irrespective of whether tax is due or not, and the process is self-explanatory per the above.
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Thank you both for that. In addition to cgt1 form, is there anything to note on the form 12s?
 
Tickle said:
Anyone ? :confused:
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Seems it depends on whether you file on paper or electronically. If electronically, this instruction from Revenue clarifies it.
"NOTE: The Form 12 does not provide for the return of Capital Gains Tax details. If you (or your spouse or civil partner, if relevant), disposed of any chargeable assets, you will need to complete a separate CGT return for that purpose and submit it to your Revenue office."

However what totally confused me in the beginning was this statement on Revenue's own website:
"There are several different CGT returns: Form CG1 – if you do not usually submit annual tax returns or use the online Form 12"

I'm still not sure why it says this...
 
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I cannot look at my actual Form 12 as I'm abroad at the moment, but my understanding is you need to complete a CGT declaration and pay the tax in the relevant year, and then complete (by complete I mean reconcile/breakdown the calculation of the CGT paid) in the form 12 in the following year..
 
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Looking for clarification on calculation of CGT.


Total Net gain on sale of shares (No. Of companies) = 10000

CG tax due = 3300

Deduct personal allowance = 1270

Loss on sale on share X in same year = 2000

Tax due = 30

Is this the correct way to calculate capital gains tax due?

Would appreciate clarity as I wish to submit my tax return this month.

Thanks in advance.
 
Bluefin said:
Looking for clarification on calculation of CGT.


Total Net gain on sale of shares (No. Of companies) = 10000

CG tax due = 3300

Deduct personal allowance = 1270

Loss on sale on share X in same year = 2000

Tax due = 30

Is this the correct way to calculate capital gains tax due?

Would appreciate clarity as I wish to submit my tax return this month.

Thanks in advance.
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No.

Gains 10,000
Losses (2,000)
Net Gain: 8,000
Personal allowance (1,270)
Taxable gain 6,730
Tax @ 33% 2,221
 
Bluefin said:
Looking for clarification on calculation of CGT.


Total Net gain on sale of shares (No. Of companies) = 10000

CG tax due = 3300

Deduct personal allowance = 1270

Loss on sale on share X in same year = 2000

Tax due = 30

Is this the correct way to calculate capital gains tax due?

Would appreciate clarity as I wish to submit my tax return this month.

Thanks in advance.
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These are realised gains and losses, ie you have sold these shares and gotten the money in the bank.

If so Red Onion has explained
 
Hopefully related question with this topic. I am on PAYE and filling form 12 regularly. If I enroll into "Employee Share Purchase Plans" of my employer, I know that I should fill RTSO1 form in 30 days. But should I switch to form 11 instead of form 12 for my tax returns because I enroll into this plan?
 
barbaros said:
Hopefully related question with this topic. I am on PAYE and filling form 12 regularly. If I enroll into "Employee Share Purchase Plans" of my employer, I know that I should fill RTSO1 form in 30 days. But should I switch to form 11 instead of form 12 for my tax returns because I enroll into this plan?
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Yes you do. Form 11 if doing ESPP
 
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