I'll be selling some shares before year end at a profit (for a change!). Can someone tell me what figure I use for inflation when working out what tax I owe on my profits? Is it usually a constant figure people use?
eg.
100 shares bought at €50 each in Dec 2004
100 shares sold at €100 each in Dec 2007
Profit = €5000 (100 x 50) less charges(€75) less inflation constant(?)
Tax due €4925 x 20% =€985
Thanks Brendan.
I incurred a loss in the previous 2 years (05/06). Is it possible to write of this loss against any profits in 2007 or does the loss have to be in the same year?
No - previously incurred losses can be carried fowards to subsequent years. There are rules about how they are written off though (e.g. they must be written off before one's annual CGT allowance etc. if I recall correctly).