Capital losses

[czechmate]

I have capital losses from past years both declared and undeclared, and looking for advice. Have found it difficult to find answer anywhere. I am a PAYE income earner, no other income or complications.

Questions: When I come to offset previously declared losses against gains achieved in the future, what evidence will I need to produce at that stage. These losses go back to 2012/2013 and were declared then. However, myaccount on revenue, which I use, doesn't show anything relating to capital losses. Do I need to keep declaring these each year as unused, and if so on what form?

I have also noticed I have some losses from 2014 which I did not declare. Have I lost the chance to declare these now or how do I go about doing this - all the advice and forms seem to be geared around capital gains and not losses?

Thanks for any advice.

 

[dublin67]

First of all if you don't declare your losses you don't lose them to feel free to use them. I'm not particularly familiar with myaccount but if there is a box for you to show your losses forward you can use it. The important thing is to keep records of your own losses and documentary evidence to support the loss. If for example you have contract notes for sale/purchase of shares in which you have a loss I would keep both for at least five years after I used the loss (and not from when you made the loss). This may contradict some record keeping rule but I would always suggest that you should be in a position to demonstrate your losses.

 

[PMU]

Submit a form CG1 for each year you have not submitted one and declare the loss in line 8 under Gains / Losses / Net chargeable gains. Retain supporting documentation in case Revenue ask you how your calculated the loss amount.