CGT annual exemption query

Prezatch

Hi guys

My situation this year is that I have a gain on disposal of shares which would be completely offset by the annual exemption of 1,270.

Additionally I have losses on disposal of some shares.

Is it possible to just use the annual exemption this year and carry forward the losses? As in, can you elect to use losses or not use losses. If you do elect to use losses I understand that these must be used first and then the annual exemption (with any balance in losses available to carry forward). In my situation above it would be great if I could elect to not use the losses this year from a tax efficiency point of view.

topper_harley2

http://www.askaboutmoney.com/threads/capital-gains-tax-on-sale-of-shares.122325/

"Losses forward
If you make a loss on the disposal of assets, you can carry these forward and set them against future gains.

You must use the losses first before using your annual exemption. "

Similarly
http://www.revenue.ie/en/tax/cgt/cgt-faqs.html

"Unused capital losses arising in the current or earlier years may be offset against the gain. (Unused losses are used before the annual exemption of €1,270). The first €1,270 of an individual's annual gains is exempt. The balance is chargeable at 33%."

wicklow_hunter

Hi Apologies to high jack this tread,

I made 300 euro on shares - do i have to fill out a Form 12 to declare the profit even though it did not meet the 1200 euro tax free limit ?

Prezatch

Revenue:

Irrespective of whether you have submitted a payment, or whether the gain is relieved from tax or a loss arises on the disposal, you must submit a tax return to Revenue in respect of any disposals. Generally the tax return is due by 31st October in the year following the calendar year in which the disposal was made.

If you are not required to submit an annual tax return you should complete Form CG1.

If you are required to submit a tax return each year you should include details relating to CGT in the appropriate portion of the return.

The return should be completed fully and accurately in respect of the disposal of assets. It is not necessary to include any additional information with the return, although any relevant documentation should be retained for future reference.

Penalties and surcharges may apply for incorrect or late returns.