dealing with CGT on sale of shares

P

Paul

Guest
I sold some shares for the first time a few months ago. I have just started to think about sorting out the CGT implications of selling my shares.

My questions are:
1, Does my CGT bill have to be taken care of before 31 Oct or 31 Dec or any other specific date??
2, I am suffering losses on other shares which I have not sold. Am I entitled to offset the losses on these shares against my gains for CGT purposes? Or do they only become losses on their sale?
3, What forms do I need to get from the Revenue Commissioners?
 
> 1, Does my CGT bill have to be taken care of before 31 Oct or 31 Dec or any other specific date??

For shares sold on or before September 30th of a particular tax year a CGT return and payment must be made by October 31st of that year. For shares sold between October 1st and December 31st of a particular tax year the date is January 31st of the following year.

> 2, I am suffering losses on other shares which I have not sold. Am I entitled to offset the losses on these shares against my gains for CGT purposes? Or do they only become losses on their sale?

Paper losses cannot be offset. Only losses that have actually been incurred through disposal of the loss making shares can be offset. Don't forget that your annual CGT allowance of €1,270, indexation of the acquistion price up to December 31st 2002 and allowable acquisition/disposal expenses can also be offset against any gain in order to reduce your liability. It's too late for you now but transferring shares to a spouse's name at no stamp duty or broker cost is a way to avail of two individual's CGT allowances which are otherwise non-transferrable.

> 3, What forms do I need to get from the Revenue Commissioners?

See here:

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A paper loss may be allowed if Revenue is satisfied that the value of the asset has become negligible(s538) .
You get the loss relief in the year you make the claim
 
True - but I was assuming that the paper losses were on shares that were still worth something and still tradeable. There used to be a key topic about obtaining a CGT loss on shares that were not sold but were, for all intents and purposes, worthless but unfortunately the link is broken now.
 
Thanks Marion - I was obviously looking in the wrong place. The key posts link also seems to be working now. :)
 
re:

Don't forget your annual CGT allowance of €1,270
Click to expand...

If you don't exceed €1270 do you have to bother returning any forms for CGT?
 
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