Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Simple CGT query

  • 28-12-2013 3:53pm
    #1
    Last Out
    Registered Users, Registered Users 2 Posts: 27 ✭


    Folks,
    If in any one tax year I sell shares that I make a loss on and others that I make a profit on can I offset the loses against the gains?

    Also, re carrying your allowance forward, I know you have an allowance of 1270. If you make no gain in any year does all of that carry forward, and if so is it for just 1 year.

    Thank you


Comments

  • #2
    rahenyrover
    Registered Users, Registered Users 2 Posts: 222 ✭✭rahenyrover


    Yes you can offset any losses against gains, you can also carry forward any losses into future years to offset against future gains. I'm pretty sure you can't carry forward the allowance though just the losses.


  • #3
    caoty
    Registered Users, Registered Users 2 Posts: 174 ✭✭caoty


    I think that there is another rule that you cannot buy back the shares you sell within a certain period.
    rahenyrover wrote: »
    Yes you can offset any losses against gains, you can also carry forward any losses into future years to offset against future gains. I'm pretty sure you can't carry forward the allowance though just the losses.


  • #4
    Sonnenblumen
    Registered Users, Registered Users 2 Posts: 5,834 ✭✭✭Sonnenblumen


    caoty wrote: »
    I think that there is another rule that you cannot buy back the shares you sell within a certain period.

    are you referring to the old 'bed & breakfast' deals?


  • #5
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    Last Out wrote: »
    Folks,
    If in any one tax year I sell shares that I make a loss on and others that I make a profit on can I offset the loses against the gains?

    Also, re carrying your allowance forward, I know you have an allowance of 1270. If you make no gain in any year does all of that carry forward, and if so is it for just 1 year.

    Thank you

    You most certainly can offset loss(es) against gain(s) in any particular year.

    The €1,270 allowance is year related only, i.e. €1,270 every year, so you cannot carry that forward.

    You can carry forward losses though for CGT purposes, so for example if you make a loss of €5,000 this year you will be able to make a gain of €6,270 next year without having to pay CGT. You can carry forward losses for a number of years, I'm not sure if there is a limit on the number of years you can carry them forward.


  • #6
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    caoty wrote: »
    I think that there is another rule that you cannot buy back the shares you sell within a certain period.

    There is a 4 week rule there (for CGT purposes), not sure of the exact rules.


  • Advertisement
  • #7
    caoty
    Registered Users, Registered Users 2 Posts: 174 ✭✭caoty


    If I remember it correctly, the rule is that the losses cannot be used in the current tax year if the buy-back takes place within 4-weeks of the sale.
    Cute Hoor wrote: »
    There is a 4 week rule there (for CGT purposes), not sure of the exact rules.


Advertisement