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Carried forward of CGT losses

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  • 08-09-2020 2:21pm
    #1
    dubstepper
    Registered Users Posts: 592 ✭✭✭


    I did a search on this but couldn't find a similar situation. I have a CGT bill coming up later this year and am looking to offset what I can. I had two previous capital losses on investments in the last 10 years (20k + 5k) however I never filled in any forms naively (as I had no gains).


    Can these be used? Is there any retrospective submission of the losses possible?


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    #2
    Calahonda52
    Registered Users Posts: 12,248 ✭✭✭✭Calahonda52


    naively or not, you are obliged to file a return when you dispose of an asset.
    You only have a 4 year look back

    “I can’t pay my staff or mortgage with instagram likes”.



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    #3
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭barneystinson


    Calahonda52 wrote: »
    naively or not, you are obliged to file a return when you dispose of an asset.
    You only have a 4 year look back

    What's your statutory basis for this? You really shouldn't comment on things if you don't actually know the answer. In this case you could cost someone more than 8k in tax.


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    #4
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭barneystinson


    OP, you are entitled to claim for losses from earlier years carrying forward, which will reduce the amount of the current year's gain that is subject to tax.

    You will, however, need to be able to evidence your losses and that they have been correctly carried forward (by this I don't mean anything to do with tax returns, I mean you need to confirm that there were no gains in the intervening years against which these losses ought to have already been deducted).


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    #5
    dubstepper
    Registered Users Posts: 592 ✭✭✭dubstepper


    Calahonda52 wrote: »
    naively or not, you are obliged to file a return when you dispose of an asset.
    You only have a 4 year look back

    Thanks for the response. Are you sure as the below may differ?

    barneystinson wrote: »
    OP, you are entitled to claim for losses from earlier years carrying forward, which will reduce the amount of the current year's gain that is subject to tax.


    I would have evidence of the loss but I never filed a CGT return at the time (as it was a loss). Does that exclude them?


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