Selling shares

NEDDURC

I hope someone can help. I sold a small (ish) number of shares in August last year for €5k which were purchased for approx €3.5k a few years ago.
I had originally bought them as an investment and this is the first time I've sold shares.

I had in my head that no CGT arose given the annual allowance was no exceeded. Should I have completed a form to the revenue to say this though. Am I late doing it now? Any advice welcome?

Bren157

I think you should make a return on all capital gains even if you have no tax liability. If your figures are correct yuo may have a small tax liability as your CGT allowance is €1270.00 in a year. The balance is liable...

NEDDURC

Thanks talk financial - is it not a gain of 1.5k @33% (not sure of rate of CGT now) = approx €500 so no liability. What form do I fill out?

Alan Shore

NEDDURC wrote: »

Thanks talk financial - is it not a gain of 1.5k @33% (not sure of rate of CGT now) = approx €500 so no liability. What form do I fill out?

Proceeds 5,000
Cost. 3,500
Gain. 1,500
Less AE. 1,270 assuming no other disposals
Gain. 230

You may get some indexation relief depending on when you bought the shares.
The rate is the rate that applied the day you sold the shares.

Form CG1

NEDDURC

Alan Shore,

Thanks for the confirm. I probably have a small payment due. I think I am now late paying so. What do I do in that case?

One more complication. I don't have much share dealings mainly cos the first shares I bought were Anglo back in 2008. I therefore made a loss of €700 on those when they went bust. I never filled out a form back then. Can I still claim that as a loss now for the purpose of this calculation?

Bren157

You can write off previous capital losses against gains over a 5yr back-dated period. SUggest you file the late return, note the Anglo losses on the file and put a cover letter to Revenue with the form explaining the issue. It is small money so there should not be a big issue. If you need re-assurance, engage a small accountancy practice for a fixed low fee to get it sorted.

HobbyMan

PM me and I'll sort it for free.