And if it was picked-up by Revenue, that’s clear ‘Deliberate Default’, so the tax doubles via a 100% penalty. Plus interest at 8% a year which, when combined with the penalty, triples the tax after 9 years. And to top it all off, in circumstances where someone fakes a document for Revenue, they’d almost certainly look at the tax evasion legislation, which can give rise to a fine of €63-126k and a jail sentence of 1-5 years. And for good measure, employers just love their employees involved in that sort of thing, so the perpetrator would most likely lose his or her job.I always wonder at that. Back in the day it would have been hard to fake a company's letterhead on paper. Today I could hack together a PDF in minutes. However, if that's what passes for evidence I'm more than happy.
Revenue consider that you are only a chargeable person for CGT in a year that you make a disposal(s) giving rise to a gain. Therefore, unless you also had disposals giving rise to a gain (which would have required the deduction of some of your losses), you didn't need to put the losses on your return at all yet.I'm pretty good on declarations to Revenue, in fact squeaky clean. I had a large capital loss two years ago which I declared, and have been carrying forward. I'll have another one this year. I can see why Revenue wouldn't be sticklers for evidence when I'm handing over money for capital gains, but what about a loss? We're talking high six figures. They didn't ask me for any evidence at the time, but what about if I start writing off gains against it? What might they ask for in future? I'd prefer to be forearmed and not trying to chase share account statements years down the road when the accounts might no longer exist.
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