Capital Gains Tax queries

BSPOKE20

1) If you make a profit selling one share say €100, and make a loss on another of say €150 do you still have to pay Capital Gains Tax on the €100 or can you offset the €150 against it?

2) Do revenue actually recieve a list of all investors who made profits on shares thoughout the year? Or is it up to the individual to tell them - if thats the case there must be thousands of euro escaping their coffers, just as well I suppose - they'd only squander it!

Raskolnikov

BSPOKE20 wrote: »

1) If you make a profit selling one share say €100, and make a loss on another of say €150 do you still have to pay Capital Gains Tax on the €100 or can you offset the €150 against it?

Losses can be carried forward, but cannot be applied retrospectively.

BSPOKE20 wrote: »

2) Do revenue actually recieve a list of all investors who made profits on shares thoughout the year? Or is it up to the individual to tell them - if thats the case there must be thousands of euro escaping their coffers, just as well I suppose - they'd only squander it!

Capital flows are actively monitored by Revenue and any financial institution doing business in Ireland is obligated to provide records should the government demand them. It's just not worth trying to cheat the system, because you could end up losing much more then what you've gained.

Jim2007

All I can say is that I'm happy to live in a country where capital gains arising out of investment decisions are tax free!!!!

Jim