Historical CGT

[johannyjoejoe]

Hi,

I've had a trading account for a number of years. But it was low 5 figures and I never got around to sitting down and sorting out any potential CGT liabilities.

I'm currently waiting on a statement of my history to try and calculate this once and for all and then stay on top of it going forward.

I'm aware I'm open to interest and penalties for any potential liability.

Is my best approach to fill in a CGT form before Oct 31 this year and outline my whole history or do I need to do more?

 

[jpd]

Assuming you are submitting a Form 11 online, I would resubmit your tax returns for the last 5 years showing the CGT owing and submit a payment as soon as possible

 

[relax carry on]

If you have historic liabilities or need to correct your returns then the mechanism provided for all taxpayers is the disclosure.

Making a disclosure

Information about prompted and unprompted disclosures. Introduction to disclosure for foreign income and assets.

www.revenue.ie

 

[T McGibney]

If you have historic liabilities or need to correct your returns then the mechanism provided for all taxpayers is the disclosure.

Making a disclosure

Information about prompted and unprompted disclosures. Introduction to disclosure for foreign income and assets.

www.revenue.ie

Operation overkill.

The OP isn't even sure if they have a CGT liability.

 

[jpd]

The OP asked what he should do - the responses are in line with his question

Obviously, until he calculates his gain or loss, all options are just that - options

 

[triggs]

In the event that there are no gains or even a loss, therefore no liability,I wonder if there are any repercussions for not reporting on annual basis

 

[jpd]

No, but if you use those losses in future years to offset a future gain, the Revenue would expect that you could justify the losses, even if they related to losses incurred many years ago

Losses can be carried forward indefinitely