Tax on shares

fred432

Just a few questions on taxation of shares. If you buy shares and sell them within 4 weeks at a loss, can this loss be written off against gains made on other shares? I buy some shares hoping for a small gain in the short term. If the share value was sliding and I sold to cut my losses, I have been told that this loss can not be written off against other gains. Is there anyway that other expenses incurred in purchase and sale of shares can be written off eg laptop, phone,office etc.

Mort5000

http://www.revenue.ie/en/tax/cgt/cgt-faqs.html

airmech

Same question, i have shares that are down a few thousand euro. What if i sell these and invest elsewhere, can this loss be offset if i make profit in new shares and reduce the amount of tax i would have to pay?

Geuze

Yes, capital losses on shares sold can be carried forward against gains made on other sales.

Grecco

And capital losses from shares can also be used to write down/get a tax refund

Sonnenblumen

Grecco wrote: »

And capital losses from shares can also be used to write down/get a tax refund

Is this true, so for example, Anglo Irish Shareholders are entitled to a tax rebate on capital losses?

Geuze

No, AFAIK, the capital losses can only be put against other capital gains to reduce CGT due.

OttoPilot

fred432 wrote: »

Just a few questions on taxation of shares. If you buy shares and sell them within 4 weeks at a loss, can this loss be written off against gains made on other shares? I buy some shares hoping for a small gain in the short term. If the share value was sliding and I sold to cut my losses, I have been told that this loss can not be written off against other gains. Is there anyway that other expenses incurred in purchase and sale of shares can be written off eg laptop, phone,office etc.

Only if you are self employed and registered with revenue, and even then, you could only write it off to the extent that you used your phone for business purposes. I assume you mean a home office which wouldn't be allowable, but a rented one would, although probably not worth the expense to a sole trader.

So yes you can write them off if you are trading as a professional, but you would have to register with Revenue and hope they agree that you are engaged in trading.

MfMan

Don't think you can carry losses on shares as Tax credits longer than 4 years - open to correction?