Key Post Capital Gains Tax on sale of shares

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Joint Assessment CGT

Myself and my wife are jointly assessed. She is currently on career break. I sold shares last November at a loss (cash flow requirements!). She inherited 1/4 share of family home 10 years ago which has now been sold and shows a capital gain. Question is can the loss on shares be offset against the capital gain on house. An accountant I use seems to think not but I can't see the logic.
 
Are you asking if you can be jointly assessed for CGT and offset against each other's profits/losses, or if share profits/losses can be offset against property profit/losses? If the latter then please see my previous post. As to whether you can be jointly assessed for CGT I'm not sure, I suggest giving the Revenue a call.
 
CGT loss on property

onlyonpaper said:
Can I ask a quick question on this please.

If I sell a property in 2011 at a significant loss and sell shares at a gain also in 2011, can I offset the gains on the shares against some of the property loss.
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I believe you can. All property is subject to CGT. You can claim relief against CGT on a profit if it is your principle private residence(PPP) but you do not have to(Ignore this point if it is not your PPP). Therefore you can use the loss on a property to offset against other CGT gains in the same period.

Hope this helps.
 
Hypothetical scenario:
I buy a share for 1 dollar at a time when the exchange rate is 1euro = 1 dollar.
Some time later I sell that share for 2 dollars but now the exchange rate is 2dollars = 1euro
In this scenario I made a 1 dollar gain but converting back to euro I made no gain.
I just want to double check I am correct that in this scenario there is no CGT liability.
 
Zenith63 said:
Is there any rolling for CGT? For instance I buy €3000 worth of shares, a year later they're now worth €5000 so I sell off €2000 of them and buy €2000 shares of something else. Do I have to pay CGT on the €2000 in that year?
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If you reinvested the money into more/other shares you do not have to pay CGT in that year. You only calculate & pay when you actually realise the gain i.e. cash in! and you make the CGT payment relevant for the year you sold out etc.

One can reinvest profits etc.
 
Not true. In the example given you sold shares for €2,000 which cost you €1,200 ie you made a gain of €800 which is taxable.
 
Yes, gains and losses can be matched in a calendar year.

There are rules which ring-fence losses if they have been made to connected people. Therefore if you sold the property to your sister and made a loss then you could only offset that loss on a gain made on a disposal to your sister - i.e. the shares.
 
Obvious question perhaps...

If I make a gain of €1,270 should I still complete a return for €0 ie €1,270 minus exemption of €1,270?

I assume Yes is the answer?
 
I sold shares this year from a company scheme and when I phoned the tax office to enquire about how I should pay the CGT on these shares they said that I should have paid the tax within 21 days of having sold them - but this contradicts everything on this thread. I was also told that I should fill out an SR01 form and just submit it with my annual tax return on 31st Oct with a note explaining why I hadn't submitted it within the 21 days, but I cannot find this form anywhere on the revenue website. Plus, I also think that these instructions are wrong.

Has anything changed since this thread detailed the process? From the thread I presume that I should submit by 15th Dec? But what form do I use to detail the sale and the calculation of the CGT?
 
The guy in Revenue was talking about Relevant Tax on Share Options (RTSO) and the form is RTSO1.

Have a look at the following: http://www.revenue.ie/en/tax/it/leaflets/rtsoa.pdf

Depending on the type of scheme, RTSO may or may not apply, and as well as filing an RTSO1 you may need to file a form 11 tax return...

I suggest you talk to your company and/or Revenue to clarify your obligations.
 
mandelbrot said:
The guy in Revenue was talking about Relevant Tax on Share Options (RTSO) and the form is RTSO1.

Have a look at the following:

Depending on the type of scheme, RTSO may or may not apply, and as well as filing an RTSO1 you may need to file a form 11 tax return...

I suggest you talk to your company and/or Revenue to clarify your obligations.
Click to expand...


Thanks a million - this is a big help!
 
If I sell a property in 2011 at a significant loss and sell shares at a gain also in 2011, can I offset the gains on the shares against some of the property loss.
Click to expand...

Yes.
 
Hi,

I have some questions about CGT.

I am Irish and have some shares in an Irish company which are showing a profit. My Wife is Brazilian and we both plan to move to Brazil in a few months.

If I transfer some shares to her and she sells them will she be liable for CGT here since I'm guessing she is not domiciled in Ireland?

Someone told me that since we got married in Ireland, then she may be domiciled here, is this true?

After we move to Brazil, if I sell more shares will I be liable for CGT here, Brazil, or will I not need to pay CGT at all?
 
On the topic of Capital Gains, I'm a dual Irish US citizen and I'm keen to keep my earnings above board with both governments. I have shares in a US company on a US broker site which I will be selling to help fund the purchase of a house in Ireland. Does anyone know if I'll have to pay Capital Gains to each government or just one?
 
Hi

if I made a loss on the sale of shares in 2009, but did not complete a return, can I use these losses against gains I have made in 2012?
 
As always Brendan, a very helpful guide.
Can I ask further - what is the position in relation to disposal of investments held in investment/unit funds?
Also, do I have a tax liability each year, within that year or shortly thereafter, for returns which these funds may generate? Essentially, I simply put a lump sum into various funds which I had hoped to leave there for 5 years or so, but am wondering what if any are the tax implications before and at the end of this 5 year period?
 
Thanks for this useful thread. I have a couple of questions - my parents recently sold Canada Life shares.
1. Most of these shares were obtained "free" on demutualisation - does anyone know what purchase price these should be deemed to have?
2. Also they opted to take shares instead of dividends - how should we value the purchase price of these.

Thanks for any help
 
Losses
"You can set losses off against your gains before calculating the taxable gain

Personal exemption: €1,270"

Does a loss on shares in 2009 get eroded by the personal exemption value each year or can I carry forward the full value of the loss to 2013? (Assuming that there was no share trades during the years 2010, 2011 and 2012).
 
Thanks for another very clear exposition Brendan - two questions

Is there a general information page/thread anywhere on Askabout dealing with dividend income and its tax consequences?

Are ALL investments regarded as shares for CGT purposes or are unit trusts/investment funds treated differently?
 
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