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Child Item

Beginning to Invest - All questions go here please

iMax

Guys,

Looking for a little bit of info from those more knowledgeable than me.

My five year old daughter has the above sum in her college fund. We've really skimped for it over the years (started before she was born).

Times are getting harder for us economically & it looks like we won't be able to contribute to it like we were (or at all) for the foreseeable future, but I want to keep it growing if at all possible.

It's currently in an AIB kids account where it ears a meager interest rate.

We were thinking of maybe the state solidarity thing or prizebonds (someone's gotta win, right???). IS there anything else we should look at ? No risk is much preferred (as much as anything can be no risk). I know you don't get as high a return, but it's my daughter's future I'm dealing with.

We don't mind it being locked away (probably a good idea in the long run). Also we'd like to be able to capitalise by being able to add to it if possible.

Looking forward to the replies

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outonawing

sirboby wrote: »

Hey, So if no CGT is due, nothing has to be done before the 15th of December right? just checking

That's my understanding 👍

sirboby

Hey, So if no CGT is due, nothing has to be done before the 15th of December right? just checking

Bob24

richie123 wrote: »

Another famous investor is short Tesla at the minute Michael burry.

He’ll probably be right eventually. But when it comes to the saying “the market can remain irrational longer that you can remain solvent”, I think Michael Burry has more experience and firepower than everyone on this thread combined when it comes to remaining solvent while waiting of the market to come to its senses :-)

richie123

Another famous investor is short Tesla at the minute Michael burry.

ddarcy

richie123 wrote: »

Amateur investor here.if I want to short a stock (Tesla) how do I go about it ?I'm with Davy select
Apologies if this has been already answered

I’m going to assume it’s the same for all. You will need to set up a margin account. The idea being that you can have infinite loss with shorting. So you would need to see what Davy requires for that. I think most US brokers say you need 2000 or 100 pct of the securities. If you are flagged as a day trader you need to maintain 25000 in your account.

I’d say have a look at FINRA as all US security trading will need to follow those rules.

So what could happen with Tesla is you short a 100 at 430 and it jumps to 565. You’re broker would require you to buy to cover if you don’t have that valuation in your account (margin call).

If you do do it, definitely set a stop loss!

Shedite27

richie123 wrote: »

Ah here I'm mad about Tesla being following that company for years and I'm fair sorry I diddnt chance a few shares in the early days .
But it's one massive bubble now that's gonna pop .it's as obvious as night following day ..maybe I'm wrong:)

One of the worlds most famous short sellers stopped his short position yesterday
https://markets.businessinsider.com/news/stocks/tesla-stock-price-bear-jim-chanos-short-painful-reduce-long-2020-12-1029862928

BringBackMick

But when is it going go pop Richie? 1,2,3 ,5 years? Will its share price have trebled by then?

Time of entry is critical and really anyones guess otherwise wed all be multi millionaires

richie123

[Deleted User] wrote: »

Might just leave this here... https://www.cbsnews.com/news/tesla-stock-price-up-short-sellers-lose-1-5-billion-in-single-day/

Ah here I'm mad about Tesla being following that company for years and I'm fair sorry I diddnt chance a few shares in the early days .
But it's one massive bubble now that's gonna pop .it's as obvious as night following day ..maybe I'm wrong:)

Shedite27

richie123 wrote: »

I'm not just wondering how it's done.

I don't know how you do it via Davy, just giving advice:
- Tesla is one of the most famously shorted companies ever, nobody has ever got it right. You're basically going with a strategy of "it has to go down eventually".
- Shorting can result in unlimited losses. It's not suitable for someone who refers to themselves as an "Amateur investor"

Just me 10c. If you want to do it, ring Davy, I'm sure they'd be happy to arrange.

[Deleted User]

Might just leave this here... https://www.cbsnews.com/news/tesla-stock-price-up-short-sellers-lose-1-5-billion-in-single-day/

richie123

Shedite27 wrote: »

Just don't

I'm not just wondering how it's done.

Shedite27

richie123 wrote: »

Amateur investor here.if I want to short a stock (Tesla) how do I go about it ?I'm with Davy select
Apologies if this has been already answered

Just don't

richie123

Amateur investor here.if I want to short a stock (Tesla) how do I go about it ?I'm with Davy select
Apologies if this has been already answered

Shedite27

I have a CGT loss via work sticks to declare this year, does that get declared on the same form?

Bob Harris

Liamo_mu wrote: »

File for CGT return by October 31st 2021 is it?

So Every October you file a return for the entirety of the previous year?

yeah, the tax year is 1/1 to 31/12 for gains from the 1/1 to the 30/11 to pay by the 15/12 for gain 1/12 to 31/12 you pay by the 15/01 the next year .... the return has to be in by the 31/10 the following year

Liamo_mu

Bob Harris wrote: »

pay by 15th of december this year but you're under the CGT allowance so no action required, it's advised you file by october 31st despite not having a chargeble gain

File for CGT return by October 31st 2021 is it?

So Every October you file a return for the entirety of the previous year?

Bob Harris

Liamo_mu wrote: »

I sold a Stock on Monday the 30th of November.
What tax year is this in?

Also O made a profit but under the CGT amount. Do I have to file anything with revenue? I'm finding conflicting/confusing information.

pay by 15th of december this year but you're under the CGT allowance so no action required, it's advised you file by october 31st despite not having a chargeble gain

Liamo_mu

I sold a Stock on Monday the 30th of November.
What tax year is this in?

Also I made a profit but it is under the CGT amount. Do I have to file anything with revenue? I'm finding conflicting/confusing information.

I have read the previous pages and even then I'm still confused.

Edit: So of I'm reading everything correctly I don't have to make a CGT payment on December 15th as I'm under the threshold. But I have to file a CGT return for the year of 2020 by October 2021?

This sound correct?

Shedite27

bfa1509 wrote: »

I can only see further losses in the next month, that's why I'm thinking why not realise the loss now and take the chance at buying them lower again in 4 weeks. I would get the benefit of the CGT off-set and the opportunity of buying at a lower price. The only risk being an upward spike in the meantime, which I can't see happening.

As Timaaay said, you need to have held them for 28 days to count for CGT. So if you're looking to offset, don't sell before then.

bfa1509

Shedite27 wrote: »

Would ya not just hold them until they are profitable?

Timmaay wrote: »

No I think the only advantage you realising your losses would be if you have alot of gains you want to offset and want to push your cgt bill down the road abit more. And if you were to do this be careful that you didn't buy any of them shares within 4wks, otherwise you cannot use that loss to offset a gain.

I can only see further losses in the next month, that's why I'm thinking why not realise the loss now and take the chance at buying them lower again in 4 weeks. I would get the benefit of the CGT off-set and the opportunity of buying at a lower price. The only risk being an upward spike in the meantime, which I can't see happening.

Timmaay

bfa1509 wrote: »

Most of my current stock holdings are below the BEP at the moment. Am I right in saying I should realise the losses before the end of the year in order to carry them forward for CGT off-set purposes? Kind of like a bed and breakfasting of losses.

No I think the only advantage you realising your losses would be if you have alot of gains you want to offset and want to push your cgt bill down the road abit more. And if you were to do this be careful that you didn't buy any of them shares within 4wks, otherwise you cannot use that loss to offset a gain.

Shedite27

bfa1509 wrote: »

Most of my current stock holdings are below the BEP at the moment. Am I right in saying I should realise the losses before the end of the year in order to carry them forward for CGT off-set purposes? Kind of like a bed and breakfasting of losses.

Would ya not just hold them until they are profitable?

bfa1509

Most of my current stock holdings are below the BEP at the moment. Am I right in saying I should realise the losses before the end of the year in order to carry them forward for CGT off-set purposes? Kind of like a bed and breakfasting of losses.

Saudades

Bob24 wrote: »

You probably need to ask Revenue to be registered for CGT.

Shedite27 wrote: »

Correct, you have to ask them to be setup for it

Do you also need to ask Revenue to be registered for ETF tax? I can't see any obvious option on ROS to pay for this.

Shedite27 wrote: »

Correct, you have to ask them to be setup for it, then they send you a form.

Did they send you the CG1 form, or the Form 11?

I think I'll have to file a Form 11 (or Form 12) anyway as I have other taxes to claim and declare, but not sure if I need to also file the CG1 on top of the Form 11.

tamova

Perfect, thanks both. First step is to get set up to be able to pay the CGT on Revenue, so will work on that.

Taylor365

tamova wrote: »

I thought that if you sold your shares this year before October they had to be done by December of that year, and if sold after December, January of the following? Is that wrong.

You have to pay CGT by those dates. You have til August to file your CG1.

Bob Harris

tamova wrote: »

I thought that if you sold your shares this year before October they had to be done by December of that year, and if sold after December, January of the following? Is that wrong.

Cheers big time for coming back on the above, I want to sell some shares to avail of the 1270 threshold for this tax year so I'm worried I won't have it done in time.

If you sell between Jan and Nov you pay CGT by 15th Dec. If you sell in Dec then pay by 31st Jan 2021. You still have time to use your allowance until end of Dec.

Filing then for 2020 is by Oct 2021...send the CG1 form to your revenue office by post. Form 12 if you're PAYE and need to file a tax return.

tamova

Shedite27 wrote: »

Yes, but I file my return for 2020 by October 2021. So I'll do that in January
https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/when-and-how-do-you-pay-and-file-cgt.aspx

I haven't figured that out yet. I had to email (through ROS website) to get setup to pay CGT, I now need to figure out how to get the form compelted. I have a contact who I'll pick the brains of and repost once I figure it out.

I thought that if you sold your shares this year before October they had to be done by December of that year, and if sold after December, January of the following? Is that wrong.

Cheers big time for coming back on the above, I want to sell some shares to avail of the 1270 threshold for this tax year so I'm worried I won't have it done in time.

Shedite27

tamova wrote: »

Hey man, thanks for the above. It seems pretty crazy that I have to apply to pay a tax... Anyway, you said you won't reach the threshold this year, but do you have gains that are under the 1270 euro threshold? I understood that if I sold my shares, even if I'm under the threshold, I had to file this with revenue? (see relevant article: https://www.irishtimes.com/business/personal-finance/must-you-file-a-cgt-return-if-no-tax-is-due-1.3342384)

Yes, but I file my return for 2020 by October 2021. So I'll do that in January
https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/when-and-how-do-you-pay-and-file-cgt.aspx

tamova wrote: »

Also, side note, you mentioned they emailed you? Do I have to physically submit this TR1 form (https://www.revenue.ie/en/self-assessment-and-self-employment/documents/form-tr1.pdf) via the post or can I email it to them?

I haven't figured that out yet. I had to email (through ROS website) to get setup to pay CGT, I now need to figure out how to get the form compelted. I have a contact who I'll pick the brains of and repost once I figure it out.

tamova

Shedite27 wrote: »

I can't remember if it was there before or not so maybe you can check yours.

On ROS, login and select:
- Payments/Repayments section --> Make a Payment
- Select the radio button for Tax, then select Next
- First option is then Capital Gains Tax - hit Add a Payment alongside that

I don't understand the timelines, it looks like we need to make the payment by 15th December, but have to report the calculation of the payment by October 2021. I won't breach the threshold this year (writing off against a loss) so will just be completing a form by next October.

Here's the mail I got from ROS

Hey man, thanks for the above. It seems pretty crazy that I have to apply to pay a tax... Anyway, you said you won't reach the threshold this year, but do you have gains that are under the 1270 euro threshold? I understood that if I sold my shares, even if I'm under the threshold, I had to file this with revenue? (see relevant article: https://www.irishtimes.com/business/personal-finance/must-you-file-a-cgt-return-if-no-tax-is-due-1.3342384)

Also, side note, you mentioned they emailed you? Do I have to physically submit this TR1 form (https://www.revenue.ie/en/self-assessment-and-self-employment/documents/form-tr1.pdf) via the post or can I email it to them?