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You can carry capital losses forward indefinitely and set them against subsequent gains when calculating your CGT bill.Hi All, I did a quick search with the term "Share loses" and nothing relevant came back, so my question is, in previous years where I have made a lose on share selling and if I inform the revenue of this lose in my form12 can I use this against any gains in the following yr
You must write off previously incurred losses before using your annual CGT allowance. So if, in one year, you make a net gain of €1,270 and have previously incurred losses of €2,000 then you must write off €1,270 of these (leaving €730 to carry forward) and do not get to use your annual allowance.if I make gains above the tax free of 1270Euro
Yes - with the caveat made in my previous point.and also if so can I carry loses forward indefinitely ie keep adding my loses up over subsequent yrs and when eventually I make a profit start writing the loses I made over previous yrs against it?
One last question, in working out the exchange rate difference between the time you purchased shares and then on the date you sell them, I heard you had to use revenue approved exchange rates set out for every tax yr, is this the case? So I presume over a couple of yrs the differences from week to week on the revenue set out rate averages out?
I think that you can use various rates - e.g. Revenue rates, Central Bank rates etc. - for the periods/transactions in question. I'm not sure if you covert the acquisition costs and disposal proceeds from, say, US$ to € independently or convert just the gain amoount etc.
Eh? What rate? If your trades are in US$ for example then you will just get trades quoted in US$.Surely you should use the rate on the contract note?
I made gains in first 9 months and under self assessment paid up in October. I have since made losses. Can I claim back what I paid to the extent of those losses. I know in general one can't carry back losses, but I seem to have been caught by the payment rules.
I suppose it differs beween brokers, but I've got contract notes for GBP trades but with the total due in EUR and the FX rate used.Eh? What rate? If your trades are in US$ for example then you will just get trades quoted in US$.
I think that you are supposed to file a CGT return even if there is no liability for tax or you are in a loss making situation.Q1 . Even if you make a loss and are thus not liable for CGT tax , do you still have to fill out a form ?
If you mean can you write off previously undeclared capital losses against capital gains then I'm not sure. I did this before and explained the calculations in detail and Revenue accepted the return/payment. But maybe this is not the ideal way to do it? If in doubt get professional advice.Q2. Is it too late to send in a CGT form even if there is no gains made on that form. ?
What? If you mean carrying losses forward then these can be carried forward from earlier than 2006.Q3. Is this related to only CGT losses/gains made in 2006 ? (Jan to Sept 2006)
What? If you mean carrying losses forward then these can be carried forward from earlier than 2006.
Bit confused here. It says that the tax is due in the year of disposal but also that the return must be made in the year following. Can someone shed some light...tnksPayment of Tax Payment dates for disposals are as follows:
a) If the disposal is made in the period 1 January to 30 September the tax is due on 31 October in that tax year
b) If the disposal is made in the period 1 October to 31 December the tax is due on 31 January in the following year
Form CGT Payslip which is available under Forms may be used for remittance purposes.
Documentation Required
* Return of Capital Gains must be made by 31 October in the year following year of assessment without being required to do so by the Inspector of Taxes. You may do this by completing the CGT Section of your annual return (Form 11 or Form 12). These forms can be found on the Tax Returns page. Alternatively, you may complete Form CG1 which can be found on the Capital Gains Tax Forms page.
Bit confused here. It says that the tax is due in the year of disposal but also that the return must be made in the year following. Can someone shed some light...tnks
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