Revolut | Tax Liabilty from it's Trading and Crypto platforms

wardy24 · 15-02-2020 06:35PM #1

Hi

I have recently started using Revolut's Trading Platform within the app just to buy some shares to sit on, as it lets you make 8 free trades every month as a premium member.

I have also bought a few Crypto (Ripple) through the currency section to hold onto. I dont expect it to turn into anything, but regardless...

I want to know my tax delcaration implications for both.

My understanding is I am allowed ~€1200 Cap Gains tax-free each year. I presume with the trading side of things, as long as I haven't sold any shares that I bought and I dont deem necessary to cash in my shares and buy them back to avail of my CG allowance... then I dont need to do anything? (as is the case for 2019)

As for 2020, I will sell and rebuy to avail of my allowance. Can I just declare that in my statement of liabilty online (I am solely PAYE currently) or do I have to do something else regarding CGT

Similarly, are the few Crypto that I own treated in the same manner or do I need to make a special declaration for them?

Thanks in advance.

Calahonda52 · 15-02-2020 07:09PM

you must make a cgt return

buying and selling just to avail of the 1270 will fall foul of the bed and breakfast avoidance rules: IIRc you need a gap of 4 weeks

wardy24 · 15-02-2020 07:55PM

Calahonda52 wrote: »

you must make a cgt return

buying and selling just to avail of the 1270 will fall foul of the bed and breakfast avoidance rules: IIRc you need a gap of 4 weeks

So i need to leave 4 weeks before using the proceeds of disposal to buy shares again (be it the same or different stocks) ? I guess with larger sums that could negate any benefit of the 1270 in rising stock.

But just to be clear, where beneficial, am I allowed to sell, leave 4 weeks, buy the same shares again and thus benefit from the allowance? Thanks

Calahonda52 · 16-02-2020 10:30AM

https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/selling-or-disposing-of-shares.aspx

Revolut | Tax Liabilty from it's Trading and Crypto platforms

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