Cgt

Hi, I need advice on Capital Gains Tax - I sold a property in 2007 and made a profit (CGT not yet paid) If I sell shares now and make a loss can I offset the loss in 2009 against the gain in 2007?

Alternatively, I have unused losses from rental income can I offset the CGT due against these losses.

Any advice appreciated.

Syl

Sorry to be the bearer of bad news but its no on all counts. CGT on 2007 disposal was due and should have been paid by 31 October 2007 if disposal took place up to end of September and by the 31 January after that date. Loss on disposal of shares in 09 can not be carried back. It is not possible to offset a rental loss against a CGT gain.

CGT losses can't be carried back - only forward against future gains.

Rental losses can only be carried forward and set against future rental gains.

Unfortunately the CGT for 2007 needs to be paid. If you have not already submitted your 2007 tax return you will be charged a 10% surcharge on the liability outstanding, and may also be charged interest on late payment.

CGT should have been paid in October 2007 if disposal pre 30/9. Else Jan 2008 payment

CGT losses can only be carried back on a death

Have you claimed all CGT reliefs e.g. was the house ecver your residence.

Was there indexation available on the costs.

John Conlon
conlonosullivan.ie