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Shares CGT

  • 01-01-2014 9:35pm
    #1
    irishguy
    Registered Users, Registered Users 2 Posts: 3,305 ✭✭✭


    Can anyone tell me if I sell shares in the US when do I declare it for Irish CGT? Also do I pay CGT on currency gains and what losses can I offset against this?


Comments

  • #2
    kirb42
    Registered Users, Registered Users 2 Posts: 168 ✭✭kirb42


    irishgut, wait for this.... as far as I know, after you pay your US Dividend Tax..(whatever there version of CGT) you then re declare your NET gain with revenue, and pay tax on it all over again....Could be totally wrong and maybe theres a loop hole around this, however recently covered this in a tax lecture... it would certainly apply if declaring UK Dividend income....not 100% sure regarding US...best of luck...


  • #3
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    kirb42 wrote: »
    irishgut, wait for this.... as far as I know after you pay your US Dividend Tax..(whatever there version of CGT) you then re declare your NET gain with revenue, and pay tax on it all over again.... Could be totally wrong and maybe theres a loop hole around this, however recently covered this in a tax lecture... it would certainly apply if declaring UK Dividend income....not 100% sure regarding US...best of luck...

    Are you seriously giving advice based on something you learned in a lecture about UK dividends in relation to US Capital Gains.

    Expect a ban, mod is against this type of thing.


  • #4
    kirb42
    Registered Users, Registered Users 2 Posts: 168 ✭✭kirb42


    Did you stop to read the Caveat  Alan.....as far as I know....Could be totally wrong....not 100% sure regarding US... would you take advice in that context.... I certainly wouldn't.. purely my opinion and not advice.... I have Reported both your comments and advice, that I should expect a ban...


  • #5
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Alan Shore wrote: »
    Are you seriously giving advice based on something you learned in a lecture about UK dividends in relation to US Capital Gains.

    Expect a ban, mod is against this type of thing.

    Please do not backseat mod the forum. I don't need a cheerleader. This is unhelpful and off topic.


  • #6
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    irishguy wrote: »
    Can anyone tell me if I sell shares in the US when do I declare it for Irish CGT? Also do I pay CGT on currency gains and what losses can I offset against this?

    Without knowing your specific circumstances one cannot advise you.

    If you are Irish tax resident and Irish domiciled then in theory you have an Irish liability to disposed shares.

    As they are US shares you may also have a US liability. These can be offset against each other through double tax treaties.

    Currency trading is more difficult as depending on your circumstances it can be held to be trading income.

    You will have to consult an accountant as specific advice is banned on this forum.

    Revenue have a number of helpful guides on CGT which you will find in the stickies.

    Thread closed.


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