Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

CGT on Shares sold 31 Dec

  • 05-02-2019 9:53am
    #1
    Registered Users, Registered Users 2 Posts: 4,738 ✭✭✭


    Morning all,

    I sold shares on the 31 Dec '18 and just received the cheque today. I will deposit the cheque this afternoon.

    I made approx €1,000 profit.

    Do I need to pay CGT on that or will it be covered under the €1,270 per year and if so, will it be considered 2018 or 2019 (ie. Can I sell more shares to avail of a further €1,270).

    Thanks


Comments

  • Registered Users, Registered Users 2 Posts: 7,498 ✭✭✭BrokenArrows


    Naos wrote: »
    Morning all,

    I sold shares on the 31 Dec '18 and just received the cheque today. I will deposit the cheque this afternoon.

    I made approx €1,000 profit.

    Do I need to pay CGT on that or will it be covered under the €1,270 per year and if so, will it be considered 2018 or 2019 (ie. Can I sell more shares to avail of a further €1,270).

    Thanks

    It will be classed as 2018 and you will use the 1270 allowance, so yes you have another allowance this year to use.


  • Registered Users, Registered Users 2 Posts: 4,738 ✭✭✭Naos


    It will be classed as 2018 and you will use the 1270 allowance, so yes you have another allowance this year to use.

    I did not however register it with the Revenue yet. I was under the impression (as of today!) I should have done that by Jan 31?


  • Registered Users, Registered Users 2 Posts: 5,201 ✭✭✭ongarboy


    Naos wrote: »
    I did not however register it with the Revenue yet. I was under the impression (as of today!) I should have done that by Jan 31?

    https://www.irishtimes.com/business/personal-finance/making-a-cgt-return-when-no-tax-is-due-1.2908799

    According to above, if CGT gain is less than €1270, then you don't have to make a return so you are fine. If you had made an excess gain, you would have been late in filing your return after Jan 31st. Bear that in mind for the timing of future CGT gains you may make in excess of €1270

    "Turning to the kernel of your question, the answer is that you do not have to file a capital gains tax return if the gain you have made in the year is below the €1,270 exemption limit."


  • Registered Users, Registered Users 2 Posts: 4,738 ✭✭✭Naos


    ongarboy wrote: »
    https://www.irishtimes.com/business/personal-finance/making-a-cgt-return-when-no-tax-is-due-1.2908799

    According to above, if CGT gain is less than €1270, then you don't have to make a return so you are fine. If you had made an excess gain, you would have been late in filing your return after Jan 31st. Bear that in mind for the timing of future CGT gains you may make in excess of €1270

    "Turning to the kernel of your question, the answer is that you do not have to file a capital gains tax return if the gain you have made in the year is below the €1,270 exemption limit."

    Thanks for that, unfortunately I'm blocked by a Paywall on that link!

    So although I have not yet cashed the cheque, does the money count towards 2018 or 2019 when it's cleared in the bank?

    Because I have more to sell this year and it will be over 1270.


  • Registered Users, Registered Users 2 Posts: 7,498 ✭✭✭BrokenArrows


    Naos wrote: »
    Thanks for that, unfortunately I'm blocked by a Paywall on that link!

    So although I have not yet cashed the cheque, does the money count towards 2018 or 2019 when it's cleared in the bank?

    Because I have more to sell this year and it will be over 1270.

    Its when you sold the shares that matters.
    It doesnt matter when or if you deposit the money.


  • Advertisement
  • Registered Users Posts: 737 ✭✭✭vargoo


    "Reminder - CGT Deadline. If you sold, gifted or transferred an asset between 1 December and 31 December 2018, or if you received capital payments from such assets, you must pay any Capital Gains Tax due by 31 January 2019. For disposals between 1 January and 30 November 2018, payment was due by 15 December 2018."

    Needlessly convoluted?


  • Registered Users, Registered Users 2 Posts: 15,483 ✭✭✭✭Supercell


    On a related note, I've been wondering about CGT on shares purchased at different prices.

    Say for example I bought 10 shares of ABC at €10 in January
    Then in July I bought another 10 shares of ABC at €1
    Now in December the current price of the fictional ABC is €5 and I sell 10 shares.

    Can I claim a loss on the January shares purchased at €10 and offset it against something else I sold or is it based on average cost of the holding?

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



  • Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Supercell wrote: »
    On a related note, I've been wondering about CGT on shares purchased at different prices.

    Say for example I bought 10 shares of ABC at €10 in January
    Then in July I bought another 10 shares of ABC at €1
    Now in December the current price of the fictional ABC is €5 and I sell 10 shares.

    Can I claim a loss on the January shares purchased at €10 and offset it against something else I sold or is it based on average cost of the holding?

    Generally, it's "first in first out". So the December sale is of the shares bought in January. And you can claim your loss.


  • Registered Users, Registered Users 2 Posts: 5,898 ✭✭✭daheff


    ongarboy wrote: »
    https://www.irishtimes.com/business/personal-finance/making-a-cgt-return-when-no-tax-is-due-1.2908799

    According to above, if CGT gain is less than €1270, then you don't have to make a return so you are fine. If you had made an excess gain, you would have been late in filing your return after Jan 31st. Bear that in mind for the timing of future CGT gains you may make in excess of €1270

    "Turning to the kernel of your question, the answer is that you do not have to file a capital gains tax return if the gain you have made in the year is below the €1,270 exemption limit."

    I'd be erring on the side of caution and letting revenue know. AFAIK you do need to declare gains/losses regardless as to whether you have CGT due.


  • Registered Users, Registered Users 2 Posts: 4,738 ✭✭✭Naos


    daheff wrote: »
    I'd be erring on the side of caution and letting revenue know. AFAIK you do need to declare gains/losses regardless as to whether you have CGT due.

    Just to update the thread - I rang the revenue to let them know and they advised me:

    1) I do not need to file as it was below 1250e gains.

    2) CGT is counted from the point of sale, so as I sold on the 31 Dec 2018 but cashed the cheque in 2019, it's considered 2018 (as was said in this thread).


  • Advertisement
Advertisement