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write cgt loss off against cat due

  • 07-01-2018 8:01pm
    #1
    studdlymurphy
    Registered Users, Registered Users 2 Posts: 832 ✭✭✭


    If i owe 50k cat and on the same year made a cgt loss of 30k is it possible to write this off against the cat and owe 20k?
    Thanks


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    studdlymurphy wrote: »
    If i owe 50k cat and on the same year made a cgt loss of 30k is it possible to write this off against the cat and owe 20k?
    Thanks

    No.

    But there's a relief whereby your CAT can be reduced by the amount of any CGT paid (in the case of a gift) by the person making a gift, on the disposal i.e. Where their CGT liability and your CAT liability arise on the same transaction.


  • #3
    studdlymurphy
    Registered Users, Registered Users 2 Posts: 832 ✭✭✭studdlymurphy


    barneystinson wrote:
    But there's a relief whereby your CAT can be reduced by the amount of any CGT paid (in the case of a gift) by the person making a gift, on the disposal i.e. Where their CGT liability and your CAT liability arise on the same transaction.


    So seperate transactions there is no relief?


  • #4
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    studdlymurphy wrote: »
    So seperate transactions there is no relief?

    The simple answer to your original question is no. Your own CGT liabilities/losses and CAT liabilities are entirely separate and unrelated to each other.

    What I then went on to refer to is a specific relief that covers the situation where, say, I gift you a house and have a €50k CGT liability, and at the same time you owe maybe €70k in CAT on your receipt of the gift. In that case you can reduce your CAT liability by the €50k in CGT that I pay, meaning you only have to pay €20k.


  • #5
    studdlymurphy
    Registered Users, Registered Users 2 Posts: 832 ✭✭✭studdlymurphy


    barneystinson wrote:
    The simple answer to your original question is no. Your own CGT liabilities/losses and CAT liabilities are entirely separate and unrelated to each other.

    barneystinson wrote:
    What I then went on to refer to is a specific relief that covers the situation where, say, I gift you a house and have a €50k CGT liability, and at the same time you owe maybe €70k in CAT on your receipt of the gift. In that case you can reduce your CAT liability by the €50k in CGT that I pay, meaning you only have to pay €20k.


    Thats clear. Thank you


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