Personal Exemption for CGT

Discussion in 'Tax' started by bacchus, Dec 21, 2005.

  1. bacchus

    bacchus Frequent Poster

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    1- Is is necessary to fill up a CGT form CG1 even though the gain is less than the personal exemption ?

    2- The section about CGT on revenue website states that "In the case of married couples this exemption is available to each spouse but is not transferable".
    Both my wife (Home Carer) and myself (PAYE) have invested some savings on the stock market throught a join account.
    Are we entitled to €1270 or €2540 of personal exemption for CGT?

    Thanks.
     
  2. Ham Slicer

    Ham Slicer Frequent Poster

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    1. Yes

    2. If account is in joint names then the double allowance is available. Don't forget it's an allowance not a credit.
     
  3. bacchus

    bacchus Frequent Poster

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    Thanks for that..

    Well, i did not return the 2004 CGT return form CG1 by 31 October 2005 as i did not know i had to. There is no tax to be paid anyway.

    Would you recommend i do it now even it is too late or forget about it ?
     
  4. Ham Slicer

    Ham Slicer Frequent Poster

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    Forget about it
     
  5. xeresod

    xeresod Frequent Poster

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    Send it in now, you will not get a surcharge for late submission as the liability is zero, but you are legally obliged to submit a return even no tax is due.
     
  6. spinmaster

    spinmaster Frequent Poster

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    Can I confirm this is correct with regard to the CGT personal allowance for married couples "If account is in joint names then the double allowance is available"

    I have read conflicting advice on this including a query on the Key Post "It is better for married couples to own shares in their separate names to avail of the personal exemption"