Filing CGT for shares (first-timer, late filing for previous years)

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qwerty-2023

Registered User
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Hi all,

First time filing for CGT o_O and I have a few questions!

Short background: my partner opened DeGiro and Revolut accounts in 2020 to buy shares and bitcoin. Since then they occasionally bought and sold, but never filed a return. They thought they didn't need to as they were below the €1270 limit. I am helping them rectify this, but I've never dealt with CGT before. My partner has now asked to be registered for CGT in MyEnquiries, and sold all their remaining shares/bitcoin (tax hassle is not worth it to them). Once the sales go through we will download transaction statements, close these accounts, and file CGT returns.

My questions:
  1. We definitely need to file CG1 for 2020-2023, right? Even though profits were always <€1270 (few €100s/year max) hence no tax is due?
  2. How to file pre-2023 sales? CG1 form says "2023". Do I file several CG1s and write in correct years? Or put all sales/years in a single CG1?
  3. Some shares paid dividends (<€50 paid total). I am guessing these should NOT be declared in CG1, but instead as "additional income"?
  4. Is Bitcoin treated the same as a regular share in CG1? Can't see a difference online but I may be missing something.
  5. Am I correct that no penalties apply? I understand we are (years) late with filing, but 10% of €0 is 0 and it seems there is no extra/flat fee?
  6. We sold all remaining shares today but it will only go through in 2024. Should we declare these sales after CG1-2024 form is available?
  7. And lastly, based on the above... are we in over our heads / should we pay a professional? Very reluctant to do this given the small amounts involved, but at the same time I'd really like to rectify everything and be 100% confident the whole thing is in the clear!
Thank you so much in advance for any help :D
 
Last edited:
qwerty-2023 said:
Hi all,

First time filing for CGT o_O and I have a few questions!

Short background: my partner opened DeGiro and Revolut accounts in 2020 to buy shares and bitcoin. Since then they occasionally bought and sold, but never filed a return. They thought they didn't need to as they were below the €1270 limit. I am helping them rectify this, but I've never dealt with CGT before. My partner has now asked to be registered for CGT in MyEnquiries, and sold all their remaining shares/bitcoin (tax hassle is not worth it to them). Once the sales go through we will download transaction statements, close these accounts, and file CGT returns.

My questions:
  1. We definitely need to file CG1 for 2020-2023, right? Even though profits were always <€1270 (few €100s/year max) hence no tax is due?
  2. How to file pre-2023 sales? CG1 form says "2023". Do I file several CG1s and write in correct years? Or put all sales/years in a single CG1?
  3. Some shares paid dividends (<€50 paid total). I am guessing these should NOT be declared in CG1, but instead as "additional income"?
  4. Is Bitcoin treated the same as a regular share in CG1? Can't see a difference online but I may be missing something.
  5. Am I correct that no penalties apply? I understand we are (years) late with filing, but 10% of €0 is 0 and it seems there is no extra/flat fee?
  6. We sold all remaining shares today but it will only go through in 2024. Should we declare these sales after CG1-2024 form is available?
  7. And lastly, based on the above... are we in over our heads / should we pay a professional? Very reluctant to do this given the small amounts involved, but at the same time I'd really like to rectify everything and be 100% confident the whole thing is in the clear!
Thank you so much in advance for any help :D
Click to expand...
1. Technically yes but I wouldn't be too worried.
2. You can get previous years' CG1s on the revenue site (google CG1 2022, etc. is the easiest way to find them) but the year is the only significant difference.
3. Correct. Dividends should be declared on an income tax return (Form 11 or Form 12).
4. The gain is calculated the same way but put the details in 'Crypto assets' on the 2023 form, other assets on previous years.
5. Correct.
6. If there's tax due on those gains, you'll have to pay it by the 15th of December this year and file the return by the 31st of October 2025.
7. No way should you pay someone to complete a CG1 where you owe nothing!
All you need to put on the form is the sales proceeds in the correct part of section 1, the gain in sections 7 and 11, 1270 in section 15 and the net gain (0 if the gain is less than €1,270) in section 16.
 
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