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Cashing out on stocks with Revolut. How does tax work?

  • 13-11-2020 2:26am
    #1
    Registered Users Posts: 644 ✭✭✭ Pompous


    Do I pay tax on the dollar amount of profits? Before paying the currency exchange fees?

    Or do I pay tax on the euro profit that gets transferred back into my bank account?

    Do Revolut tell Revenue how much I made? Or do I have to inform them myself?

    I know I have a tax credit on capital gains up to around €1250 and it's 33% thereafter but I don't know how to pay it or what the particulars are.


Comments

  • Registered Users Posts: 3,031 ✭✭✭ Browney7


    Pompous wrote: »
    Do I pay tax on the dollar amount of profits? Before paying the currency exchange fees?

    Or do I pay tax on the euro profit that gets transferred back into my bank account?

    Do Revolut tell Revenue how much I made? Or do I have to inform them myself?

    I know I have a tax credit on capital gains up to around €1250 and it's 33% thereafter but I don't know how to pay it or what the particulars are.

    I use the difference between the € amount needed to purchase the exposure with the brokerage fees allowable and the € amount received after paying fees. I'm not sure what happens if you sell a holding and leave it sitting in dollars/£ after sale however.


  • Registered Users Posts: 3,960 ✭✭✭ Diarmuid


    I calculate the tax on the euro profit. Revenue treat currency gains like any other asset

    Whether Revolut inform or not, you have to submit a return. Use your online Revenue account (MyAccount) to declare the income.


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