CGT losses

spalpeen

Hi,

I understand that capital losses can be carried forward into years when I make a profit.

However, what about this year, 2022.

Eg, I buy shares of 5 different stocks, 3 make a loss, and 2 are profitable. The net overall loss is -5k.

Since in total I have made a net loss, I presume that these losses have not counted against the profit and been 'used up' for future years?

Then next part, assuming I am right about part 1.

To carry forward the loss to next year, do I then, this year, need to record that loss somewhere?

ari101

If you are not required to file a form 11, you can just submit a CG1 via MyAccount enquiries by 31 Oct next year for 2022.

On the form you would show profits and losses separately under chargeable gains and losses in year, and then the net 5k loss you want to carry can go under current year losses available for carry forward.

spalpeen

https://www.boards.ie/discussion/comment/119909527#Comment_119909527

thanks, looks like i will have to do a form 11 anyway

ari101

Well in that case there is a section on the form 11 which it is filled out in the same manner as a CG1.

MIDLANDSMAN

Can I jump into this discussion with a related query. I recently sold some shares and made a loss. I know that I have to include this loss in my return for 2022 which I will complete on RoS next year.

However, do I need to do anything this year?

If I made a profit this year, I have to pay any CGT due and complete a form online before 15th December if I remember correct. Do I still need to do this even though I would have to pay nothing?

ari101

If no payment is due you don't need to do anything til you include in the return next year.

MIDLANDSMAN

Hi ari101. Thanks for the reply