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Revenue rule change on CGT?

  • 08-02-2021 8:18pm
    #1
    peacock20
    Registered Users Posts: 21 ✭


    Hi All, long time lurker etc. Excellent forum. Something mentioned to me today by my wife. On one of the Newstalk programmes today, a lad was on talking about investing and taxation. He said that if you sell shares on a regular basis, and revenue notice a pattern, they have the right to change the taxation on any gains from CGT of 33% to income tax. As they would now deem it to be an income, due to the regular patter.
    This true?
    Has this affected anyone yet? Can't believe its true.


Comments

  • #2
    patsy_mccabe
    Registered Users Posts: 10,681 ✭✭✭✭patsy_mccabe


    I doubt it. Tax thresholds for income tax are way higher.

    'The Bishops blessed the Blueshirts in Galway, As they sailed beneath the Swastika to Spain'



  • #3
    cronos
    Registered Users Posts: 2,717 ✭✭✭cronos


    peacock20 wrote: »
    Hi All, long time lurker etc. Excellent forum. Something mentioned to me today by my wife. On one of the Newstalk programmes today, a lad was on talking about investing and taxation. He said that if you sell shares on a regular basis, and revenue notice a pattern, they have the right to change the taxation on any gains from CGT of 33% to income tax. As they would now deem it to be an income, due to the regular patter.
    This true?
    Has this affected anyone yet? Can't believe its true.

    If you are day trading I think it's true. But I'd imagine you would need to be buying and selling many times a day. Not sure if anyone knows anything about this.


  • #4
    JibJabWibWab
    Closed Accounts Posts: 161 ✭✭JibJabWibWab


    peacock20 wrote: »
    Hi All, long time lurker etc. Excellent forum. Something mentioned to me today by my wife. On one of the Newstalk programmes today, a lad was on talking about investing and taxation. He said that if you sell shares on a regular basis, and revenue notice a pattern, they have the right to change the taxation on any gains from CGT of 33% to income tax. As they would now deem it to be an income, due to the regular patter.
    This true?
    Has this affected anyone yet? Can't believe its true.

    Your wife is correct. If Revenue deem that your trading is a regular source of income they can tax it as income tax.

    If you disagree you can appeal. You would have to prove that the appreciation (if any) is irregular and not a regular income.


  • #5
    relax carry on
    Registered Users Posts: 4,072 ✭✭✭relax carry on


    peacock20 wrote: »
    Hi All, long time lurker etc. Excellent forum. Something mentioned to me today by my wife. On one of the Newstalk programmes today, a lad was on talking about investing and taxation. He said that if you sell shares on a regular basis, and revenue notice a pattern, they have the right to change the taxation on any gains from CGT of 33% to income tax. As they would now deem it to be an income, due to the regular patter.
    This true?
    Has this affected anyone yet? Can't believe its true.

    That's always been the case. You'd want to literally be doing it as your main source of income and basically operating it as a business though. Look up the badges of trade to get an idea what constitutes trading activity liable to Income Tax.


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