How do I use my losses on Irish shares against gains in US shares?

P

Pieface

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Hi,
I wish to sell some US shares. Please could you let me know if the CGT is 33%. I am not sure but I might have read somewhere that it is 40%.

Also, I have AIB and BOI shares bought before the banking crisis and are now worth €10 and €200 respectively. I would like to find out how to calculate the losses from a CGT perspective so as to be offset the losses against the gains made in the sale of the US shares mentioned above. I have not dug out the share certs yet but e.g. the current no. of AIB shares I hold is 4. I am sure the number of shares was higher that 4 when I paid €2000 for them. How do I calculate the loss in this scenario?

Thank you.
 
From the horses mouth https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/how-to-calculate-cgt.aspx
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You spent 2000 on AIB shares.

You have 4 shares.

The current price is 2.28 euro.

You sell four shares for 4*2.28 = 9.12, plus fees.

You have lost 1,990 euro approx.

You can offset this loss against any capital gains.
 
Note that you must realise the losses first, before the gains, AFAIK?

Somebody else will confirm.
 
Protocol said:
Note that you must realise the losses first, before the gains, AFAIK?
Click to expand...

No, you don't.

The rules are fairly simple.

Losses can be set against the gains in the same year or future years.
They cannot be set against gains in previous years.

So if you sell your US shares today , you should sell your bank shares before the end of 2021 to use the losses.

For convenience, it is a good idea to sell them before the end of November.

Brendan
 
Brendan Burgess said:
No, you don't.

The rules are fairly simple.

Losses can be set against the gains in the same year or future years.
They cannot be set against gains in previous years.

So if you sell your US shares today , you should sell your bank shares before the end of 2021 to use the losses.

For convenience, it is a good idea to sell them before the end of November.

Brendan
Click to expand...
From a timeline we sold BOI first just to calculate the actual loss, then sold US shares whose gain would be equal, obviously before €1270 allowance .Just made it simpler .

Now thinking of putting gain into her AVCs as she couldn't max out last year due to extra care home costs, if her employer pension scheme allows it and before I tax for 2020 and prelim 2021
 
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