Revolut trading Shares & Tax?

E

Equinox2020

Registered User
Messages
3
Hello,

A few months ago I bought shares on Revolut [small numbers]. I am an ordinary private citizen and taxes in this area is new to me so trying to find out more.

1]
Do sales of shares below the 1270 exemption still have to be reported? no gains were made. or do you only report after it goes above 1270?
[e.g. I bought a small number of shares in april, sold them a month or 2 later, the gain was like 0.62 cents [less than one dollar]. I also made a loss of 78 dollars on another sale]

2]
Query about taxation of Dividends on US Shares,
With Revolut trading, I never see the dividend in the trading account.
It goes straight back into the share,
The only way to access it would be to sell the share, which I have not done - in this case, it's still "on paper".
[dividends were like 1 or 2 dollars & the US 30% witholding tax was taken]

-is any tax due in this scenario?
-In this case would I only be eligible pay CGT after a sale is made in the future?

I appreciate any advice or help on this!
Thank you
Kind Regards
 
1) If I understand correctly, you made a loss overall in the year. AFAIK you don't need to declare this but hold onto the documentation because you can offset it against any gains you make in the future.

2) Income tax is due on the dividends though $2 is hardly worth bothering with. The withholding tax should only be 15% if you're resident in Ireland BTW, there's probably some form that you need to fill out to show that.
 
Hi Ciru75,

Thanks for your feedback!

-Yes, I made a loss so far, no gains! I started trading in April so this is all new to me, trying to understand the process/procedure.
I deal in small numbers. buy 100 euro of one stock, 100 euro of another stock..etc..

So only If I make gains over 1270 I have to report this?
& tell tax office I want to register for cgt and fill out some form?

-June was the first ever month my account received dividends from various companies...to a grand total of $4.52! [did not withdraw any :)]

-If you don't withdraw/take out the dividends and they stay in your stock/account -
do you still have to report it?! I will have to figure out someday how to do it, never did it. is there a special form for this to?

OK, did not know that about 15% that withholding tax - will check it.

can you do all these forms / reporting yourself or should you go to an official tax advisor?

Cheers!
 
All gains even if the are below the allowance need to be reported and you should also report losses. There is no need to "register" for CGT you can just report the gains and losses on you My account with revenue or ROS depending on which you use.

Dividends also need to be report as income tax, prsi & USC need to be applied they do not form part of the gain consider for CGT and there is no specific tax free allowance. Again this can be reported online and the system will do the calculations for you.

You only have to pay the taxes due above the 15% (divided withholding tax) DWT, but you report the gross dividend. A DWT of only 15% should have applied due to the tax treaty between the US and Ireland, but you have to have complete as W-8BEN to get this reduction.

Unfortunately as far as I know there is no allowance or exception that allows you to get credit for the additional 15% that was withheld.
 
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