ETF loss and tax return

[Tony Carroll]

Hello,

I’m new in the forum, I found it googling and find it really useful. I have a question if someone can help...

In December 2022 I bought 4 accumulating ETFs on DeGiro as a long term investment, (my plan is to leave it there a number of years and worry about the tax implications at deemed disposal or at sale). Unfortunately when I selected the 4th ETF I was on the wrong line and picked the wrong ETF. I sold that wrong ETF as soon as I realized the mistake, and bought the correct one.

I incurred in a small loss on the sale of the wrong ETF. I wonder how it works, do I have to fill the tax return this year for that ? If it’s a loss that cannot be offset against future gains, is there any point in filling a return or is it mandatory even in case of a loss ? Because I’m a PAYE worker without other income, I never do a tax return, so it would be a hassle less if I didn’t have to return the Form 11 or 12 this year, learn how to do it or use an accountant. What are the implications of failing to return a form 11 in my situation with a loss hence no tax due ?

Thanks
Tony Carroll

 

[jpd]

You are supposed to fill in a Form 11 to record the purchases of the ETFs and the opening of a foreign bank account

Although, in reality, if you do nothing, it is most unlikely that anything will happen.

 

[Tony Carroll]

Thanks JPD
Tony

 

[jpd]

Sorry, I should have added - make sure that you keep proper records of the purchases and disposals in case you have to produce them some time in the future.

In my case, I keep electronic and paper records, but maybe that's overkill

 

[Tony Carroll]

Sorry, I should have added - make sure that you keep proper records of the purchases and disposals in case you have to produce them some time in the future.

In my case, I keep electronic and paper records, but maybe that's overkill

Thanks , sure I will keep all documents