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CG1 form for last year due to be submitted by October 31st (Capital Gains Tax)

  • 24-09-2021 10:50am
    #1
    Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    Just a reminder that that time of year is rolling by again.


    For PAYE workers you will need to submit your CG1 form by the end of October for last year.

    Its not as painful as you might think, heres a pretty good video explaining how to fill in the form:



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Comments

  • Registered Users Posts: 66 ✭✭ Ixlandia


    Thanks Supercell, first time for me so a great help !



  • Registered Users Posts: 1,505 ✭✭✭ Finical


    Great video.


    Quick question the only sale I made to date of this year has been a profit under the €1270 exemption. Am I right in saying I would fill this in the CG1 form before October of next year 2022? Does it still need to be submitted since I didn't actually pay CGT due to exemption?


    Thanks!



  • Registered Users Posts: 16,998 ✭✭✭✭ namloc1980


    Yes it would be next year and yes you still need to submit the form. You can only technically claim the exemption by filing the return.



  • Registered Users Posts: 2,991 ✭✭✭ Taylor365


    Filled and filed in May.

    This years will be interesting. With questions over US ETFs tax treatment...



  • Registered Users Posts: 1,505 ✭✭✭ Finical


    Thanks so much. Sorry, just a tad confused. I sold an investment in July of this year, but haven't paid CGT as it's under the exemption amount.

    Do I fill out the CG1 form before the end of this month this year or before October 2022?

    Can I fill it out this year just to have it on file regardless?

    Cheers!



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  • Registered Users Posts: 16,998 ✭✭✭✭ namloc1980


    For CGT this year you file next year by 31st Oct. 2022.



  • Registered Users Posts: 43,735 ✭✭✭✭ 6


    Go away Labour! Ridiculous suggestions.



  • Registered Users Posts: 1,040 ✭✭✭ gar


    Probably a daft question.

    If i complete a Form 11 do i need to complete a CG1 form also?



  • Registered Users Posts: 1,604 ✭✭✭ Andrea B.


    Hi.

    Bit of a thicko with this stuff.

    For section 1a ( video at 10:38) "total value of sales";

    I am not clear.

    Hypothetically, If i had 10k invested but made 5x purchase and sales of 10k through year, am i then reporting 50k here?

    Thanks in advance...



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  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    Yes, you got it! Its total value of all sales transactions.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 1,604 ✭✭✭ Andrea B.


    Thanks very much for that.

    Aside, it is strange useless ( or is it?) figure for them?

    Will be couple days late with submission as was not sure on that point.



  • Registered Users Posts: 1,286 ✭✭✭ Markus Antonius


    The bed and breakfasting rule is a load of bollox. Why shouldn't we be allowed realise losses to use against gains? Just shows that gov/revenue are only interested in your financial situation so long as you are making a profit. Anyone making a loss can go fk themselves as far as revenue are concerned.

    I'm holding 100 shares in a stock that I am now down €300 on. What's stopping me from buying 100 more shares now and then immediately selling 100 after? I have maintained my position and I can now use my losses without having broken any rules - so what's the point of it really?

    Post edited by Markus Antonius on


  • Registered Users Posts: 11,140 ✭✭✭✭ Geuze


    You can realise losses and carry them forward against current or future gains.



  • Registered Users Posts: 1,286 ✭✭✭ Markus Antonius


    Not if you buy back in again within a month, which people would often like to do. If I feel a stock will drop some more before recovering, I want to sell before buying back in again. Gov/revenue essentially don't want us doing this.



  • Registered Users Posts: 2,207 ✭✭✭ p to the e


    Is the only way to file a CG1 is to print and post it? I couldn't find it on revenue.ie



  • Registered Users Posts: 43,735 ✭✭✭✭ 6


    You can just fill out online and drop into my enquiries online. No need to post.



  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    Go to "MyEnquiries", -> Add a new Enquiry and attach it to the bottom of that form :



    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 296 ✭✭ portcrap


    Hi,

    Thanks for all the useful info. Im pretty new to this and have a few very stupid questions.

    1. Can I file and pay now CGT on shares bought and sold in 2020, have I missed a deadline, do I pay a penalty?
    2. Joint assessed so does that mean my wife and I have 2 x €1270 (€2540) exemption overall?
    3. If I bought and sold shares in 30 different companies over the course of 2020, is it not a case of adding up all the gains and minus the losses (subtract the allowance) and pay 33% on the profit? i.e. paying tax on the final profit / loss amount of the gain (degiro account) on 31st December 2020? - I pretty sure this isn't right but technically will you not have covered your tax liability by doing this?

    For example: gains on degiro balance of €4000 on 31st December 2020, still holding some of the stock that made the gains, sold others throughout the year. €4000 - €2540 = €1460 @ 33% = CGT liability of €481.80



  • Registered Users Posts: 43,735 ✭✭✭✭ 6



    The CGT payment deadline for shares sold in 2020-Jan-Nov was Dec 15th 2020, and Jan 31st 2021 if any sold during Dec 2020.

    The filing deadline for 2020 was October 31st 2021 for PAYE workers.

    I'd be following up on these asap. You may have to pay a small penalty.


    The other questions someone else might answer.



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  • Registered Users Posts: 938 ✭✭✭ blah


    Thanks Supercell, this cleared up a lot of questions I have. I started trading on degiro this year, just small amounts, and I now understand that I do not need to make a payment on my €86 gains 🤑, and I can file the CG1 next year.

    I did receive €5 in dividends, and the video mentions Form 11, but under MyAccount: manage your tax 2021 I can enter the dividends, as it is less than €5,000.



  • Registered Users Posts: 924 ✭✭✭ OEP


    Is there an online version of the form or is it just the pdf that you fill out online?



  • Registered Users Posts: 2,207 ✭✭✭ p to the e


    Are you printing it off, filling it out, scanning it and then attaching it?



  • Registered Users Posts: 8,240 ✭✭✭ Pussyhands


    DeGiro is easy enough to work out the amount due right? I speak to some auld lads and they think stocks etc is difficult and you need an accountant.

    I understand that it's first in first out, meaning the first shares bought are the first shares sold?

    Just wondering what kind of methods people have for tracking and calculating the figures.

    Off the top of my head I'd probably think it would be a good idea to have all transactions in euro value from DeGiro in an excel file and when selling and "mark off" which shares you're selling and calculate the amount owed based on that.

    i.e If I bought 100 shares of MSFT for 200 in 2019 and sold 20 shares for 300 in 2021 I would calculate the profit on the 20 earliest shares I bought and then adjust the number of shares left to sell if needed (i.e I'd have 80 shares left from the purchase of 100 shares to sell)

    Correct to assume transaction fees can be deducted from the profits or not?



  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    I'm printing it off, filling it in and then taking a picture of it/scanning it with the Microsoft "Lens" app on android and then uploading, its not as difficult as it sounds .

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 682 ✭✭✭ riddles


    Hi

    just checking if my CG calculation is correct for a jointly assessed couple,

    assessed for tax can I avail 1270€ * 2 in tax relief

    Total gains 22808.69 - 1270€*2 = 20268 - Loss and fees = 14,292.42 = 4716.49 + dividend 712 = 5428.49 total tax

    dividend 1780.96 - 40% = tax €712


    gross losses 4093 + fees 1702.58 = 5975.58


    thanks

    Post edited by riddles on


  • Registered Users Posts: 1,286 ✭✭✭ Markus Antonius


    I made an excel sheet this year with all buys and sells for each stock/crypto and worked each one out individually. The calculations would make steam come out the ears of Stephen Hawking himself.

    The reason I did this was because I didn't trust the Degiro or Koinly calculations and really didn't want to give more money to Revenue than they deserve. Koinly was way off the mark (~2K off) - I dug into the calculations and they had duplicates of transactions all over the place. A real mess. Degiro is better but I don't think they follow the FIFO rules so be careful.

    It really made me think about what I'm doing and will definitely try to minimise or simplify the transactions I make or close out positions completely before the end of the year to make the calculation easier.



  • Registered Users Posts: 8,240 ✭✭✭ Pussyhands


    Yeah I always try and keep is simple when buying and selling. Don't like doing lots of trades to complicate things.

    I think that's what I'll do. Export all the transactions from DeGiro and then keep adding new ones to the file and then when selling mark off or highlight a different colour for the shares I have already sold and claimed against.

    Can transaction fees for the year be claimed against the profit?



  • Registered Users Posts: 11,140 ✭✭✭✭ Geuze


    Income tax on dividends is separate from CGT on any gains.



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  • Registered Users Posts: 1,286 ✭✭✭ Markus Antonius


    Yes, make sure to take the fees out of the profit. Also, if you made a loss from currency conversion, this can also be considered if not already.



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