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Deducting share losses against tax

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  • 27-11-2023 9:53pm
    #1
    Pixel Eater
    Registered Users Posts: 486 ✭✭


    So I bought shares (in a fund) through a bank years ago and was going to cash them in. Lately I began to dabble in stocks myself using an app, but I'm no Warren Buffett and the the shares are currently running at a loss.

    Can I write off the exit tax of a fund against the losses of individual shares? I have looked at Revenues' site but I'm still unclear.



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    #2
    Geuze
    Registered Users Posts: 13,086 ✭✭✭✭Geuze


    Capital losses on selling assets can be offset against capital gains from selling other assets.

    The capital losses can be carried forward from previous years.


    I'm not so sure about losses on funds.



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    #3
    SureYWouldntYa
    Registered Users Posts: 7,724 ✭✭✭SureYWouldntYa


    If it is subject to exit tax, then the loss on a fund is ringfenced to that fund. Extremely unfair but that is the rule

    If it is subject to CGT, then a loss on any asset can be offset against another asset. E.g. if you held onto AIB shares that are now worth pennies, you could sell the shares and realise that loss, and offset it against the gain on the sale of your rental house

    CGT losses cannot be offset against gains under any other tax heading (income tax, exit tax, etc.)

    Stocks in individual companies would typically be subject to CGT, but most funds are subject to Exit Tax



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