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Need help in completing CG1

  • 21-09-2014 6:58pm
    #1
    Registered Users, Registered Users 2 Posts: 1,245 ✭✭✭


    In August I receive a letter from the Revenue asking me to complete the CG1 form as I disposed of some shares under my company Profit Sharing Scheme (whereby shares were purchased 3 years ago using annual bonus and held in trust for 3 years).

    I disposed of these shares after the 3 years and made a gain of €656. As the gains falls under the personal exception limit of €1,270, do I still need to complete the CG1 form?

    I also don't see any section in the form asking how many shares I disposed of or the purchase price. All that is ask is the "Aggregate Consideration" which I believe is the sale price.

    If so, need some advice on how to complete Page 3: Chargeable Gains - I take it I just complete €0.00 since there is no chargeable gains since I fall under the personal exception limit?

    Also on Page 4, there is a section called "Self-Assessment made under Chapter 4 of Part 41A", I assume I also complete €0.00?

    Lastly, since I don't have any payments to make, is there a need to complete the CGT Payslip A? I assume no?

    Any help would be much appreciated, as I don't have a clue - first time completing the form.


Comments

  • Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    If Revenue want a return then you must send them one.

    As you say, the proceeds (net of expenses of sale) go at 1 a).

    The gain you've calculated goes at 7.

    The Personal exemption of €1,270 goes at 11.

    So the Net chargeable gain at 12. is nil.

    You should put another nil at 19.

    Then sign the form and that's it.


  • Registered Users, Registered Users 2 Posts: 1,245 ✭✭✭ADSLUSER


    nompere, thank you so much for your help, very much appreciated!


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