Sold some shares and filing CGT Return

I

irishguy

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I sold some shares earlier this year for a gain. Im just trying to clarify what I have to do.

Do I have to calculate the gain and pay the CGT by 15 December this year without any filings? but I have until 31 October next year to make a CGT filing?

It seems odd I have to pay the tax before I make a filing. I assume the revenue refund/ask for more more next year if there is an issue with the filing?
 
irishguy said:
Do I have to calculate the gain and pay the CGT by 15 December this year without any filings? but I have until 31 October next year to make a CGT filing?
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Correct.

When and how do you pay and file CGT?

This page outlines the steps to follow in order to pay and file Capital Gains Tax
www.revenue.ie www.revenue.ie

When to file your CGT return​

You must file your CGT return on or before 31 October of the year that follows the date of disposal. You must do this even if no tax is due because of reliefs or allowable losses.

When to pay your CGT​

For disposals made between:
  • 1 January and 30 November (the initial period), you must pay CGT by 15 December of the same year
  • and
  • 1 December and 31 December (the later period), you must pay CGT by 31 January of the next year.
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​

I sold 14 stocks this week, making a gain of 255eur, so this is within my 1270 allowance. Sold 100% of each holding so don't need to worry about first in first out. But just want to clarify if the following is the case? I can only do the return on paper? I will have a million documents for each buying event and the sale of each so I don't want to be printing that many documents or any at all...

"Income Tax Return (Form 12 (paper version) if you are a Pay As You Earn (PAYE) taxpayer who must submit a tax return. You will be unable to report your CGT on an eform 12"
 
dubliner8 said:
I can only do the return on paper?
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If you are PAYE then, yes. But you can fill them in electronically and upload them via your myAccount My Enquiries as far as I know.
dubliner8 said:
I will have a million documents for each buying event and the sale of each so I don't want to be printing that many documents or any at all...
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A million? In any case do you have to record details of every individual transaction on the return? I can't remember.

BTW the 2025 CG1 form won't be available until next year so you'll have to use the 2024 one and write in "2025" on it. I recently asked Revenue about this and that's what they told me.
 
dubliner8 said:
I will have a million documents for each buying event and the sale of each so I don't want to be printing that many documents or any at all...
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You don't need to send in your documentation, just fill in the relevant sections of the CG1 form and submit that.
 
ClubMan said:
A million? In any case do you have to record details of every individual transaction on the return? I can't remember.

BTW the 2025 CG1 form won't be available until next year so you'll have to use the 2024 one and write in "2025" on it. I recently asked Revenue about this and that's what they told me.
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Well 150+ at least anyway...

I'm doing the return next year so do I not wait for the 2025 CG1?

I also sold 100% of another stock yesterday, the gain is just under 800eur. Just wondering if FIFO ever comes into play with 100% rather than partial sales given my purchases were a total of 21 for this stock.
 
How could FIFO come into play when you sell your entire position ?

And Yes, you do have to make the payment for any CGT due on gains in the period Jan 2025 - Nov 2025 by mid Dec, and then any CGT due on gains in Dec 2025 by mid-Jan

You file the 2025 gains with your tax return for 2025 which will be due by 31st Oct 2026 but you must pay before that
 
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