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declaring capital gain from sale of shares

  • 12-10-2016 10:02pm
    #1
    scrips
    Registered Users, Registered Users 2 Posts: 77 ✭✭


    Could someone please clarify for me whether it is alright not to have yet declared to Revenue my capital gain on some shares sold in June 2015? At the time I thought I had until 31st October of the following year to declare the gain. However just as I was about to knuckle down and do the paperwork, this evening, I read that I should have paid the Capital Gains Tax due last year, even though I wouldn't have to make the full declaration until this year.

    I would also like clarification that the rate of CGT is currently 33%, and that I would have a personal tax exemption of €1,270? Which if it is the case, leaves me with nothing to pay as the profit on my shares was around €1,000.

    I know there's a lot of material I could wade through to find the answers but it's late and I'm tired and I don't have time during the day and I just want to be done with this. I'm a PAYE employee if that makes any difference.


Comments

  • #2
    scrips
    Registered Users, Registered Users 2 Posts: 77 ✭✭scrips


    In retrospect ... I think I have answered my own questions and just need to file something called Form 12, even though I am due to pay nothing.


  • #3
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    http://www.revenue.ie/en/tax/cgt/forms/formcg1.pdf


  • #4
    whiskeyman
    Registered Users, Registered Users 2 Posts: 12,564 ✭✭✭✭whiskeyman


    I need to declare CGT on shares I sold this year at a profit that exceeds the exception.
    Do I just tax on everything above the exception or tax full if its above?

    also, I'm PAYE so do I need to file returns, or will this do?

    As I got 2 dividend payments prior to selling, where does tax get paid here?
    It was from a UK company.

    I really need to get better at understanding this!


  • #5
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    whiskeyman wrote: »
    I need to declare CGT on shares I sold this year at a profit that exceeds the exception.
    Do I just tax on everything above the exception or tax full if its above?

    also, I'm PAYE so do I need to file returns, or will this do?

    As I got 2 dividend payments prior to selling, where does tax get paid here?
    It was from a UK company.

    I really need to get better at understanding this!

    Download the form linked above by Lockedout2 and complete it.

    The Net Chargeable Gain will be the total received less any charges/expenses(eg stockbroker fees) less €1270.
    The CGT payable will be this figure multiplied by 33%.

    Dividends are assessable to Income Tax and you should include them in section 27 of the eForm 12, downloadable from the Revenue website or complete it online.


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