Capital Gains Tax on shares.

Smcgie

Hi all. I am a complete novice so bear with me on this
I have recently made 8k on BOI shares. I plan to reinvest the entire amount again. But before I reinvest the money shoud I declare my profit and pay the CGT or because I am reinventing am I exempt?

The Insider

http://www.citizensinformation.ie/categories/money-and-tax/tax/capital-taxes/capital-gains-tax

Smcgie

Thanks but I still done really have an answer with regards to reinvesting

Mort5000

This is a fairly useful place to check:

Revenue.ie

I would expect that you would be liable for CGT on the gains.
I.e. pay cgt on anything over the annual exception eur1270.

The fact that you're re-investing the money afterwards isn't important.

Email your local tax office. They're usually very good with getting back on these kinds of things.

Good luck.

stepbar

Smcgie wrote: »

Hi all. I am a complete novice so bear with me on this
I have recently made 8k on BOI shares. I plan to reinvest the entire amount again. But before I reinvest the money shoud I declare my profit and pay the CGT or because I am reinventing am I exempt?

Quit while you're ahead.

Smcgie

I want advise on CGT not investing. Can someone the does a lot of day trading explain how they keep revenue happy with CGT and what way they manage payments, Monthly, weekly annually etc.
Thanks

eire2009

Smcgie wrote: »

I want advise on CGT not investing. Can someone the does a lot of day trading explain how they keep revenue happy with CGT and what way they manage payments, Monthly, weekly annually etc.
Thanks

You will need to fill out a 11e form next year and submit it buy 31st oct 2010 you cant do it till 2010 anyway

You will be self-assesed which means any other income such as
schedule D case 4(interest from banks/casual activities etc..) DIRT
schedule D case 3(Forign Income)
schedule E(salary for job/BIK`s) PAYE
schedule F(Dividends) @ 20%(standard rate of tax)

All Assesed together in an Income tax computation where your SRCOP and tax credits and any allowences/reliefs taken away.

The schedule Dcase 4 Income can be arrived at a net amount so im pretty sure you can take away losses to arrive at a gain/loss to be added/taken away from your total Income.

Dont worry about it till next year they`ll send you out a form Its scary how they know I got one in the door this year cause I opened up a bank account in the UK when I was working there.

Smcgie

Thanks for that info. I already fill out the 11e form as I'm self employed so that's handy :-)

A Random Walk

Smcgie wrote: »

Hi all. I am a complete novice so bear with me on this
I have recently made 8k on BOI shares. I plan to reinvest the entire amount again. But before I reinvest the money shoud I declare my profit and pay the CGT or because I am reinventing am I exempt?

No rollover relief, you have a CGT liability on the 8k. Losses can be offset and there is a small annual exemption.

OPENROAD

Quick clarification on cgt

If I buy 2,000 shares @£;1 = £2,000
Stamp Duty 0.5% = £10
Commission charge = £15
Total Charge = £2,025


I then sell the shares for £3 each =£6,000
less commission =£ 15
Proceeds £ 5,085

In caculating cgt is it simply the £6,000 less £2,000 or do I take into account the stamp duty/commission charges.

Tks

eire2009

OPENROAD wrote: »

Quick clarification on cgt

If I buy 2,000 shares @£;1 = £2,000
Stamp Duty 0.5% = £10
Commission charge = £15
Total Charge = £2,025


I then sell the shares for £3 each =£6,000
less commission =£ 15
Proceeds £ 5,085

In caculating cgt is it simply the £6,000 less £2,000 or do I take into account the stamp duty/commission charges.

Tks

Firstly I think the stamp duty is 1% and youd be charged commission on the sale aswell.

On the form 11e part L Aggregate consideration is the amount paid when stamp duty was applied and the net chargable gain would be the 4000e profit - stamp/commision charges..

Thats what I think im not sure as my cap1 tax didnt cover capital gains Id give them a ring to be sure

MindHelp

Hi *
I have been reading http://www.citizensinformation.ie and other web site about capital gains tax on stock



i just have a quick question, and it is always best to give an example.



I have 10,000 euro and invest in stock in January 2009 and by May I have made 2000 Euro profit.
in May I now have 12000 Euro to invest in another stock.



I invest that 12000 in stock and by august I have lost 4000 Euro by selling it.
remaining cash is 8000 Euro in August.



First question
that 2000 Euro I made in profit in May , do I have to pay CGT on it ? even thought I am at a loss currently.



Secondly
I know that there is a tax free limit of 1270.
Do I have to fill out the CGT payslip form and send it in even if I made 100 euro for the year profit. but send no money in.
or
do nothing because I made less then 1270 .