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Capital Gains??

  • 04-02-2011 4:04pm
    #1
    Iguana Bob
    Closed Accounts Posts: 208 ✭✭


    sorry if this is a stupid question but do i need to declare cg or does "the man" keep track of sales and purchases.
    how does the tax man know i owe him money, if i dont declare i assume its tax evasion.


Comments

  • #2
    Tyrant^
    Registered Users, Registered Users 2 Posts: 580 ✭✭✭Tyrant^


    From what Ive experience on this forum... allot of people just dont seem to like to talk about it ... for obvious reasons. ;)

    Just an observation and some speculation !


  • #3
    bestie
    Closed Accounts Posts: 98 ✭✭bestie


    I've wondered this too, not for evasive reasons as I don't even buy shares or wouldn't even earn over the 1,100 buffer or whatever it is if I did.

    Since alot of people buy shares on say the LSE via online banking systems, how could they possibly track so many transactions? do the banks report gains and losses of each trade to revenue?

    Sounds doubtful, wouldn't you need PPS numbers and such? I don't think Sharewatch or any of the others ask for such information. So untraceable? I could be totally wrong but.. anyways someone will shed some light on this.


  • #4
    hmmm
    Registered Users, Registered Users 2 Posts: 11,205 ✭✭✭✭hmmm


    You have to declare it.

    You'll probably get caught if you don't declare - eventually. With the Labour geniuses in power the rate will probably go up to 100% (:P), so perhaps it is worthwhile to declare gains now.


  • #5
    Iguana Bob
    Closed Accounts Posts: 208 ✭✭Iguana Bob


    hmmm wrote: »
    You have to declare it.

    You'll probably get caught if you don't declare - eventually. With the Labour geniuses in power the rate will probably go up to 100% (:P), so perhaps it is worthwhile to declare gains now.
    i dont trade shares so im just wondering, but id imagine unless you were making a substantial amount of money ie say i make 30k (working) a year but some how i seem to be spending 100k. i can see how a person in this situation could get caught.
    i have bank accounts in the US and in Brazil if the money never came to ireland, there would be no way of the tax man knowing
    not sure if talking about tax evasion is against the forum rules, if so tell me


  • #6
    bestie
    Closed Accounts Posts: 98 ✭✭bestie


    hmmm wrote: »
    You have to declare it.

    You'll probably get caught if you don't declare - eventually. With the Labour geniuses in power the rate will probably go up to 100% (:P), so perhaps it is worthwhile to declare gains now.

    Yes people know you have to declare but I am wondering how they go about finding out evaders.

    Unless you are moving serious amounts of money via tax havens and offshore bank accounts, or a whistleblower outs them like in Liechtenstein would it even be worth the hassle chasing people down to find out if they are going a few hundred euro over the tax-free limit.


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