Capital Gains Question........shares

[pat 2800]

Hi,

I sold shares in Feb of this year with a gain of approx 6k, hence cgt due is approx 1k ( minus allowance ).

I'm hoping to offset the gain against losses due from buying Eircom shares ( sold 2002 & 2003 ) of which I never declared as a loss in any tax returns, the loss is approx 1400 euro.

1.Do I need to bother making a return by the 31th October or can I leave it until my normal tax return for 2005.

2. Will revenue have any problems offsetting this years gain against the Eircom loss.

3. Is it the normal form 12 or the CG1 form to be used for the return.

 

[ClubMan]

I'm hoping to offset the gain against losses due from buying Eircom shares ( sold 2002 & 2003 ) of which I never declared as a loss in any tax returns, the loss is approx 1400 euro.

Have you had a look at this thread for info on calculating your eircom losses etc.?

1.Do I need to bother making a return by the 31th October or can I leave it until my normal tax return for 2005.

You need to file and pay by the relevant CGT deadlines which are separate from other tax deadlines. I'm not sure what they are but the Revenue site should clarify. By the way - what do you mean by yoru "normal tax return"? If you are PAYE and your tax affairs (e.g. credits and deductions) are up to date then you don't have to file a Form 12 each year.

2. Will revenue have any problems offsetting this years gain against the Eircom loss.

Actually you will be offsetting the eircom losses against the recent gains not the other way around. Revenue will allow this. Incurred losses can be carried forward indefinitely to be set against subsequent capital gains. Include calculations to clarify how you arrived at your liabilities if necessary. That's what I did because it was all a little bit involved.

3. Is it the normal form 12 or the CG1 form to be used for the return.

I think it's a CG1 but am not 100% sure.