Amend the 2014 tax return to show the capital loss.
Revenue do not like it when you try to offset a capital loss against a capital gain where the Loss was never returned within the return year. ( might audit etc ) Revenue do not have a problem, say when you file a 2013 capital loss in 2015 provided there is no capital gain in the interim period in which to set off against the capital loss. My advice to LeoD is simple, keep it simple and avoid revenue examining your returns in detail. Amending the 2014 return is not exactly an arduous task! ( head below parapet )
I'm telling the poster the correct way to file this particular turn, that is all, I am not here for an argument.
My advice is not misguided in any way, phone revenue and ask them what is the correct procedure to follow in this instance; the answer they will give you will be my answer to LeoD question, not yours ( believe me on this ). Maybe LeoD should phone revenue and post what their reply is to his query onto this forum and see who is proffering misguided advice.
Your wrong, as I work in Revenue!Revenue will tell him not to bother wasting his and their time.
Your wrong, as I work in Revenue!
I'm not wrong. And I'm happy to put my name and reputation to what I post. You?
That's a reasonable view, but the OP asked a rather different question and I addressed it by confirming that their entitlement to claim an appropriate deduction against the 2015 gain for the as-yet-undeclared loss in 2014 is unaffected by that non-declaration. In other words, the OP doesn't have to wait until their 2014 return is amended before they can claim the loss in 2015.I think that on balance Toledo's advice here is correct Tommy, but only because it's a property disposal. Revenue should be aware of the disposal, and at present the 2014 return is incomplete and may result in a query based on the failure to disclose the disposal.
If it was losses on shares etc I'd be inclined to agree with you, or be indifferent between the 2 alternatives...
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?