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Question about capital gains tax

  • 29-11-2018 10:29am
    #1
    Frunchy
    Banned (with Prison Access) Posts: 153 ✭✭


    Several months back I deposited profits I made from an investment into my bank account. I've since changed my mind and wish to reinvest these profits back into the same asset class.



    Do I still have to pay capital gains tax on this amount before I can transfer it back out of my bank account?

    Thanks


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    Where you hold the gain, or what you do with the gain is not relevant.

    The key question is - did you make a capital gain?

    https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/index.aspx


  • #3
    Frunchy
    Banned (with Prison Access) Posts: 153 ✭✭Frunchy


    Yes, I made a capital gain greater than the tax free exemption.

    So I legally have to pay the CGT before reinvesting it?

    Sorry if this seems a stupid question, never needed to consider CGT until now.


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Frunchy wrote: »
    Yes, I made a capital gain greater than the tax free exemption.

    So I legally have to pay the CGT before reinvesting it?

    Sorry if this seems a stupid question, never needed to consider CGT until now.

    You made a gain, it's a CGT event. CGT would be due on the gain.


  • #5
    Frunchy
    Banned (with Prison Access) Posts: 153 ✭✭Frunchy


    I logged into my account on ROS.ie to make a payment.

    Can't seem to find a CGT option under the tax payment list:

    https://imgur.com/a/o5N0M2w

    Anyone know what I'm missing?


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