Capital losses carried over

H

Hoggey

Registered User
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Hi folks,

Just trying to sort out my tax affairs before moving from UK, thanks to Marc's answers on another thread my ISA question is part resolved leaving capital gains.

Tried contacting Irish tax office but advertised number is for general enquires only, they suggested using online ROS messaging but I cannot set this up until domiciled in Ireland, going to get pen and paper out a write a letter instead, hopefully someone already knows the answer.

Okay, is it possible to carry across capital losses from UK, the Irish tax system seems to work very similar allowing losses to be offset on future gains.

Thanks in advance.
 
Put away your quill, ink pot and manuscript!!

This is straightforward, specifically legislated for, and covered in the following tax & duty manual:


Para 5.4 states:
“A loss which accrues to a person in a year in which that person is neither resident nor ordinarily resident in the State, is not an allowable loss for Capital Gains Tax unless, if a gain instead of a loss had accrued on the transaction, the person would have been chargeable on the gain (section 546(4)).”

So, the answer is no, you can’t obtain relief here for Capital losses arising in the UK at a time when you were neither resident nor ordinarily resident in Ireland.
 
Many thanks torblednam, very helpful although I will need to have a re-think about residency for the moment.

I'll look into what options are available, perhaps limit time to under 183 days or something along those lines.

Cheers,
 
Spent a few hours reading through some of those manuals., handy link to have - thanks.

The other issue I have is ISA's, this has already been covered but still need to take into account when looking at overall potential tax liability .

Is it safe to assume that you can keep these investments (ISA's, stocks and shares) provided you do not cash them in bringing funds into Ireland, if I read some of the guidance correctly a gain is only made at the point of sale.

This would work as they are long term investments.
 
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