looptheloop30
Registered User
- Messages
- 21
Hi all, around the time of COVID I started to dip my toe into buying shares on Revolut and more recently Trade Republic.
At the time I was just trying to relieve boredom and make a few quid when everything was closed down. Naively tax implications were never something I considered at the time and although i was aware off the 1270 CGT exemption on gains, it never crossed my radar with the sums of money I was essentially punting with.
Long story short over the course of those few years I accumulated a few small annual losses, with gains in one year far below the €1270 CGT exemption. None off these were declared to Revenue.
Im now in a position where my recent investments this year have me in a position where I can crystallise a gain of €3000 or so if I sell.
Can I now 'claim' those small losses of Revenue for previous tax years to help offset this new potential CGT liability, or are those losses, negligible as they are, going to cause me hassle for only declaring them now as opposed to within the relevant tax years?
Also the CG1 form appears to be quite technical for other forms of Capital Gains liabilities.
If it is a case where I can claim the losses do I need to go back as far as the earliest relevant year and declare those losses individually.
Then repeat the procedure for the following year carrying forward the previous years losses??
Or is each year a seperate filing and Revenue look after the total value of losses electronically?
I have looked here and on the revenue site but Im still a bit all over the place.
For ease, might it just be as easy to forget the previous years losses and just claim this gain as it is and pay the tiny bit extra in tax without raising eyebrows?
At the time I was just trying to relieve boredom and make a few quid when everything was closed down. Naively tax implications were never something I considered at the time and although i was aware off the 1270 CGT exemption on gains, it never crossed my radar with the sums of money I was essentially punting with.
Long story short over the course of those few years I accumulated a few small annual losses, with gains in one year far below the €1270 CGT exemption. None off these were declared to Revenue.
Im now in a position where my recent investments this year have me in a position where I can crystallise a gain of €3000 or so if I sell.
Can I now 'claim' those small losses of Revenue for previous tax years to help offset this new potential CGT liability, or are those losses, negligible as they are, going to cause me hassle for only declaring them now as opposed to within the relevant tax years?
Also the CG1 form appears to be quite technical for other forms of Capital Gains liabilities.
If it is a case where I can claim the losses do I need to go back as far as the earliest relevant year and declare those losses individually.
Then repeat the procedure for the following year carrying forward the previous years losses??
Or is each year a seperate filing and Revenue look after the total value of losses electronically?
I have looked here and on the revenue site but Im still a bit all over the place.
For ease, might it just be as easy to forget the previous years losses and just claim this gain as it is and pay the tiny bit extra in tax without raising eyebrows?
