Registering for CGT

Artur.PL

I am trying to register on CGT. A month ago, I sent a registration request through "my enquires" but I have not received any response yet. Is this taking so long or is there something else I should do?

lau1247

You're better off calling them, they don't seem to respond to My Enquiries in timely manner these days I find (Certainly the last two queries I sent) but calling them will force them to action it.

NiceFella

Sorry if I'm hijacked the thread, but I only recently found out about CGT and had a few stocks on revolut over covid. All in the red and made no gains. Would I be correct in thinking that I owe no tax on these? Perhaps they need to be declared anyway?

Geuze

If you don't make any capital gains, you don't need to do a CGT return.

If you make capital losses, these can be carried forward, to be offset against any future capital gains.

Some people say you should declare the capital losses, I'm not sure about that.

lau1247

https://www.boards.ie/discussion/comment/122049031#Comment_122049031

My understanding is if you made no gains, then there is no tax due. They should be filed anyway as losses (from what revenue told me before) allow you to carry it into the future for offsetting gains. Which make sense because how else would revenue recognise that you had a loss before otherwise if you don't file.

joebert80

I sent an enquiry to be setup for a CGT return and got a response as follows:

"Per records, you are not yet registered for CGT purposes. The facility to submit a CGT return is not available online, at present. Please complete and return the attached CG1 form. A copy of the completed return can be attached to a new My Enquiry.Once received, you will be registered for CGT purposes and will also be able to make a payment towards CGT liability online".

Is that correct? So I need to print out the CG1 form, complete it, scan it, and attach it to a new My Enquiry? Sounds a bit dinosaur..

Artur.PL

Patience, and a bit of laziness, yielded results in the form of a response from Revenu. After about two months, I am registered. So, it works, but not if you in rush 🙂

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downtheroad

https://www.boards.ie/discussion/comment/122065063#Comment_122065063

Log into your Revenue MyAccount, click on Manage Tax Registrations, there should be steps in there to e-register for CGT.

The Form CG1 has to be submitted by printing and completing it (or edit the pdf) and submitting via MyEnquiries.

Do not send it by post, wouldn't trust it and if it gets lost you could end up with a late filing surcharge.

Do declare losses, they can be carried forward indefinitely to offset against future gains.

If you make a gain on disposal of assets between 1 Jan and 30 Nov, you've to pay your CGT by 15 Dec that same year, if the disposal takes place in December then you must pay any CGT by the following 31 January. Either way, your CGT return (CG1) must be filed by the following 31 October.