Yes
Can you upload the form via PAYE online or must you post it in?
Download the pdf version. Complete it and upload to Revenue via MyEnquiries to save yourself time and effort.
Thanks for the steer.
how should airdrops be treated? koinly automatically treats it as income so I assume that's correct.
Yes, but then the issue is if you relocate back to Ireland within those 3 years, or probably even shortly afterwards, and you have a huge chunk of wealth suddenly, revenue would obviously find out about what's transpired elsewhere if you were to get audited; that would be a lot more likely if you made large purchases upon returning to Ireland, such as purchasing an expensive home, new car etc.
If you do plan on living abroad for a long time, or permanently, then yeah it'd probably be fine. But anywhere within the EU would be risky considering the intra EU cooperation between countries
question on altcoins bought with bitcoin back in 2018 - can any losses be written off here if the value of the altcoin denominated in bitcoin terms has resulted in a loss? There would be a gain in terms of dollar value
thanks
I did say emigrate permanently. I have looked into this and given it some thought as it's exactly what I intend to do. There is a 10 year statute of limitations so that would be fine also.
I'm curious as to what 10 year statute of limitations you are referring to?
It appears there isn't any limitation. I had assumed there was from a conversation with a solicitor some years ago when they told me they were advising people who had insoluble debt problems due to the GFC, to leave the country for a decade. Still, Revenue have no means to investigate the financial affairs of people living in foreign countries, so it's moot.
I'll refer to you the below Tax and Duty manual which shows how tax authorities can share or request information from another tax authority so you point may not be exactly moot.
Guide to Exchange of Information under Council Directive 2011/16/EU, Ireland’s Double Taxation Agreements and TaxI information Exchange Agreements and the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters.
https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-35/35-01-01a.pdf
Those are pretty broad, can you point me to the bit in them enabling Revenue to request tax and financial information on an individual who was resident in those countries at the relevant time?
so I have just been offered a job in Europe and have the option of 2 locations, one of which is Lisbon. I have a few days to make up my mind and will be moving next month. Just wondering what the crypto tax situation would be if I moved to Lisbon?
Obviously CGT on any existing profits would need to be payed to revenue (I'm fine with this), but do I automatically avoid any future liabilities to revenue if Im working and paying tax in another jurisdiction?
If for example, I have €10k in bitcoin at the time of leaving, and bitcoin did a 3x next year when I am in another jurisdiction, I would be able to avoid the tax on the potential 20k new profit. Anything preventing this from working out? Anything special I need to do for proof, or just keep good records?
There is the paranoid answer and there is the alternative answer. The former is thart there is a 3 year rule, wherin if you dispose of assets acquired while an Irish taxpayer, within 3 years of becoming a taxpayer in another country, you are deemed liable to pay Revenue the CGT. I'd imagine if that foreign tax authority wanted CGT on the disposal, they would have first dibbs on it then Revenue would want the balance up to their 33%.
The latter is that Irish laws do not apply to people not living in Ireland - local laws apply. There are international agreements on exchanging financial transaction information, so If your residential address is in Ireland, but you have bank and other financial accounts in foreign countries, deposits and positive credits on those accounts will be communicated to Revenue. But this process is entirely dependent on your residential address for those accounts, so if you move to Portugal and open bank/crypto/share trading accounts in that country with the address being Lisbon, no information will be sent to Revenue, so if 2 years after moving you sell your bitcoin, the Portuguese tax authorities may be informed, but Revenue will not.
The 3 year rule is a wholly unreasonable nonsense, IMO, just like VRT, DIRT tax and the business with ETFs and you having to regularly pay any CGT on them as if you had sold them, even if you haven't.
Seems I won’t have to worry about tax for my €200 or so worth of crypto 😇
You wouldn't have to worry about it anyway - that's within the small gains exemption. If I were you I'd make my decision on location based on lifestyle considerations, not tax considerations.
If you sold bitcoin or used it to buy goods and services, you will owe taxes if the realized value (the sale price of bitcoin, for example) is more than the price at which you bought bitcoin. There's a chance you'll have a capital gain, that's taxable at both short- and long-term rates. There is a very efficient way to lower the tax, or do avoid paying it completely. To be able to do so, you need a crypto license https://ecommerce-broker.eu/en/Licenses/crypto-license-in-estonia/, which gives you these options.
If you use crypto to pay for goods directly, you might want to consider how visible your CGT gain is.
"You must file by 31 October in the year after the date of disposal"
Just thinking about the CGT return now, does this mean if we disposed of crypto this year, we don't need to file our CGT returns until 31 October 2022? But we need to pay the actual liability this year?
Exactly, unless you sell in December. Then you pay in January.
Okay, so I don't actually have to worry about the return until next year, that's a bit of a relief. How long will it take to get registered for CGT to make the payment online, do you happen to know?
Hi HGVRHKYY. What is the liability to be paid before you fill in the CGT form? Sorry, I find this whole CC tax setup very confusing. Thanks.
What does it mean that you pay the liability this year?
Sorry - also trying to make sense of the requirements :)
So from revenue's website I saw this:
The dates you pay and file CGT are based on the date you sold, gifted or transferred an asset.
Your payment for CGT is due before you file your return. For example, if you dispose of an asset between 1 January and 30 November, payment is due by 15 December. Your return will be due by 31 October of the next year.
Your liability is 33% of any profit you have made, once you surpass the €1,270 tax-free threshold
Hi HGVRHKYY. What happens if I sell CC after 30-Nov-2021?
wrong thread
Your payment is due the end of January, have a read through the revenue page I linked it's all there
Cheers, HGVRHKYY.
Apologies in advance, I'm sure this was probably asked numerous times but the thread is vast and i'm a lazy shite.
In the near future, i'm going to have to register for CGT and pay my dues. I lost roughly 1000 or so on stocks there last year and have gained about 4k on crypto in the last while. Can I deduct that entire loss of 1k from my CGT owed, along with my CGT allowence? Next questions is, how the hell do I register for CGT? I'm looking on ROS online and can't seem to find anything to register. I'd be grateful for a point in the right direction and advice.
Yes - deduct losses from gains and then deduct the allowance. I don't think you have to register, you just declare CGT info in your tax return - well thats what I do on a form-11 return.
