Filing Captial Gains Return

D

Dman35

Registered User
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Hi
I've read through a couple of threads (include the key Capital Gains thread) and haven't really got the answers to my questions.. As I'm new to this apologise in advance for the noddy type questions.

Re Capital Gains -
I sold a small holding of shares this yr (2017) and the profit I made is just under the personal allowance of €1250 - So do I need to log this with revenue?
If so how do I do this and when does it need to be done by?

Tks
 
In general if the capital gain is below the personal allowance, there is no need to log it to the revenue , someone asked before.

See this article that I found: it explains some stuff in greater details. I'm not allowed to post links but if you search on Google you can see this recent article from Dominic Coyle in the Irish Times that explains this in grater details. Search it. It says

Turning to the kernel of your question, the answer is that you do not have to file a capital gains tax return if the gain you have made in the year is below the €1,270 exemption limit

I hope it helps
Malpes180
 
I disagree with that. See Revenue's own [broken link removed] guide. It says:

"The obligation to make a return exists even where a person has not been issued with a return form by Revenue, or where no tax is due because of the use of reliefs, losses etc. ".

I would imagine that "etc." covers all situations where there was a capital gain but no tax is due, including the use of the exemption. Happy to be corrected, but that's definitely how it looks.
 
Tks for all the replies..

Yeah Dub_Nerd you are right even if you are under the €1270 p.a. you need to file a return by end of Oct 2018 (for shares sold in 2017 (bar Dec))
 
Hi Dub_Nerd

Yes I see your point. You are right. I only found that article by Google. Dominic Coyle is a very well known tax expert that often writes on tax related issues in the Irish Times, one of the main newspapers in Ireland. I wonder how he could get it completely wrong on a relatively easy matter. Maybe someone can comment ?

Thanks
Malpes180
 
He says that further down

Turning to the kernel of your question, the answer is that you do not have to file a capital gains tax return if the gain you have made in the year is below the €1,270 exemption limit.

But, should you make more significant gains down the line or, worse, have capital losses that you need to set off against subsequent gains, bear in mind that the Revenue will generally require a return – even if the net gain after all the deductions is below the €1,270 level

I can now post links :)
https://www.irishtimes.com/business...ing-a-cgt-return-when-no-tax-is-due-1.2908799
 
Dman35 said:
Yeah Dub_Nerd you are right even if you are under the €1270 p.a. you need to file a return by end of Oct 2018 (for shares sold in 2017 (bar Dec))
Click to expand...
No, you've got to file your return for all shares sold in 2017 (Jan to Dec) by end of October 2018.

I think you are confusing it with the two periods for payment, which is different from when you have to file your return. You have to pay the tax nearly a year before you have to file the return. That is, you have to pay the tax due on gains from Jan-Nov 2017 by 15-Dec-2017. You have to pay the tax due on gains in Dec 2017 by end of Jan 2018.
 
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