CGT Return & carrying forward loss on shares

I

irishguy

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Hi couple of questions around this, hopefully someone can help.
Do you need to do a CGT return if its just recording a loss?
Will revenue automatically take this off future gains, or do I need to keep track of this?
I am a regular PAYE employee, can I file for CGT on MyAccount. I dont see any option under "Income Tax Return"?
If not on MyAccount what Online process do I need to follow for GCT returns
 
Hi Irish Guy, I can't answer your question but I reckon there is a market for tuition in tax self assessment & filing in Ireland. I'd sign up for one.
 
It is not necessary to file a return just to record a capital loss - you can but it is not mandatory

When you apply the loss to future gains you will need to be able to document the loss.

It might be simpler to do this in the year the loss was created but as long as you can validate the loss that will be fine
 
I was hoping to reduce the admin required and record it in the year incurred with the revenue and at a later date claim against it for gct.

Are you saying I would still need to enter the loss again when I am trying to use it?

Also any details on which online form/system to record it would be appreciated
 
If I record a loss of €100 this year with revenue and in 5 years time record a separate gain of €100 (ignoring the annual exemption), they would obviously be able to net both out and I would have no liability. Otherwise I am telling them twice about the loss.
 
irishguy said:
If I record a loss of €100 this year with revenue and in 5 years time record a separate gain of €100 (ignoring the annual exemption), they would obviously be able to net both out and I would have no liability. Otherwise I am telling them twice about the loss.
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No, if you don't claim it in the return in 5 years time, they won't give it to you. They have no way of knowing whether or not it has been absorbed in the meantime by other gains, and in any event the level of detail captured of a CG1 or Form 11 in respect of capital gains/losses is scant.
 
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