CGT on ROS

Usjes

Hi,

I have 3 questions about CGT:

1. Why does it appear on the ROS Form 11 when it doesn't appear to have any influence on my final liability calculation? ie as I progress through the ROS form I come to a step where I press 'Calculate' and it calculates my liability and it is only after this that I come to a section about CGT and my liability doesn't seem to change no matter what I enter.

3. As mentioned above the values entered in CGT don't seem to have any impact on the liability calc. so on the 2010 return I failed to notice that I had entered a loss I made as a gain. Is there any way that I can ammend this given it has already been uploaded ?

2. What exactly is meant by:
Personal Exemption (max €1270 per spouse and non-transferable) Note: losses, including losses forward must be used first
Does this mean that if I make a loss of 1000 in year1, gains of 500 each in year2 and in year3 and then a gain of 2270 in year4 that I will not be able to apply any of my 1000 loss in year1 to my gain in year4 ?

Thanks,

Usjes

Alan Shore

A form 11 is a return of income and capital gains, one return for 2 different taxes.
The calculation is of your income tax, PRSI and USC. The CGT figures do not impact on the income tax computation. A seperate notice of assessment for CGT will issue.

You need to write to the tax office to inform them that you made an error on your 2010 return.

Losses are used in priority to the exemption. You are correct.

Cocospud

The 1270 is your personal exemption. So it just means you can make that much of a gain each year without paying tax on it.

nompere

Usjes wrote: »

Hi,


Does this mean that if I make a loss of 1000 in year1, gains of 500 each in year2 and in year3 and then a gain of 2270 in year4 that I will not be able to apply any of my 1000 loss in year1 to my gain in year4 ?

Thanks,

Usjes

That's exactly what it means.

In year 4 you will pay tax on gains, after taking off the allowance, of €1000.

Legend100

Surely the loss would have to be used for the two 500 gains in year 2 and 3 as losses come before annual exemption?

Itchianus

Legend100 wrote: »

Surely the loss would have to be used for the two 500 gains in year 2 and 3 as losses come before annual exemption?

That's what Nompere said. In year 4 you will pay tax on gains of 1,000, after deducting your allowance of 1,270 from your gains of 2,270.

Legend100

Oops missed the second comma, read it as "take off the allowance of 1000"

my bad