Is there a service similar to Koinly, but for CGT?

F

flyingfolly

Registered User
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156
So I recently used Koinly and found it really really good. So much so that it got me wondering - why isn't there a similar platform like this but for shares etc. to help with your CGT return?

Is there a reason this doesn't exist? It seems some people find it a bit of a pain to figure out their CGT and file it, without the help of an accountant? Particularly CGT on ETFs with deemed disposal etc.?
 
flyingfolly said:
Particularly CGT on ETFs with deemed disposal etc.?
Click to expand...
Firstly, in Ireland CGT and deemed disposal are completely different taxes. So straight off you'd have to build 2 separate solutions for the Irish market, and be able to explain to customers that they've 2 completely different tax filings to complete.

Then you'd need to be able to access all transactions, regardless of the broker the shares are with. There is no public record of shares that can be accessed, or you don't have personal wallets that record all your transactions in one place. And transactions that aren't via brokers; e.g. employee share schemes.

And handle all actions on shares; share splits, DRIIP, rights, etc.
And there's no point doing CGT without covering dividends, and witholding taxes while you're at it.
And then overlay the tax rules for each country, etc.

You'd end up having to charge more than an accountant by the time it was done.

Or, you just use the reports that some brokers already produce if you only use 1 broker; e.g. DeGiro
Or keep track in Excel - it's not that complicated unless you're buying and selling shares on a regular basis. There are Excel templates available from many private sources for both CGT & deemed disposal, but I've no idea which ones actually work.
 
By DRIIP do you mean dividend reinvestment?

My idea is to build a platform than can handle just Degiro and just the Irish market, then expand from there if it becomes popular.
 
So... 3 years later...

I've started working on this a few weeks ago and have made a lot of progress actually. Currently it has the following features:

- One click generate your CGT liability with detailed breakdown of calculations (FIFO calculation)
- Multicurrency support with historical exchange rates on the day of trade
- Manage previous years CGT losses to offset future gains
- Differentiate between stocks/ETFs/EU/Non-EU Domiciled
- Automatically warns of "bed and breakfast" issues
- Supports IBKR + Degiro CSV export/import
- Stock split functionality
- Deemed disposal calendar
- RSU functionality

Would be great if anyone is interested in trying it out!
 
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