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Common Reporting Standard

  • 23-04-2017 9:14am
    #1
    rgossip30
    Registered Users, Registered Users 2 Posts: 2,590 ✭✭✭


    The deadline looming 1 May for submission on disclosure of foreign accounts for tax .
    I have 2 accounts one has made a gain but the other a loss . When the accounts are put together it shows that no tax is payable . I wonder is the loss taken into account in such circumstances .
    Tagged:


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    rgossip30 wrote: »
    The deadline looming 1 May for submission on disclosure of foreign accounts for tax .
    I have 2 accounts one has made a gain but the other a loss . When the accounts are put together it shows that no tax is payable . I wonder is the loss taken into account in such circumstances .

    Timing is relevant.

    A loss in fy 2015 cannot be offset against a gain in by 2013.

    Talk to a professional if you wish to go through it in detail.


  • #3
    rgossip30
    Registered Users, Registered Users 2 Posts: 2,590 ✭✭✭rgossip30


    CIARAN_BOYLE wrote: »
    Timing is relevant.

    A loss in fy 2015 cannot be offset against a gain in by 2013.

    Talk to a professional if you wish to go through it in detail.

    The loss in one account is constant over 10 years and the gain in the other account is less than the loss each year .
    When the 2 accounts are totaled it would show a loss for CGT .


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    rgossip30 wrote: »
    The loss in one account is constant over 10 years and the gain in the other account is less than the loss each year .
    When the 2 accounts are totaled it would show a loss for CGT .

    Losses have to trigger.

    Dis you have a triggering event to make these losses recognisable in each year?


  • #5
    rgossip30
    Registered Users, Registered Users 2 Posts: 2,590 ✭✭✭rgossip30


    CIARAN_BOYLE wrote: »
    Losses have to trigger.

    Dis you have a triggering event to make these losses recognisable in each year?

    I can show the valuation each year as a loss until 2016 but the amount is still less than when I opened the account .


  • #6
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    rgossip30 wrote: »
    I can show the valuation each year as a loss until 2016 but the amount is still less than when I opened the account .

    Valuations mean nothing for cgt


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  • #7
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    you know what why not go to professional advice rather than sending abusive pms to people who are trying to help offer some assistance.


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