CG1 form for last year due to be submitted by October 31st (Capital Gains Tax)

Thanks Supercell, first time for me so a great help !

Yes it would be next year and yes you still need to submit the form. You can only technically claim the exemption by filing the return.

Thanks so much. Sorry, just a tad confused. I sold an investment in July of this year, but haven't paid CGT as it's under the exemption amount.

Do I fill out the CG1 form before the end of this month this year or before October 2022?

Can I fill it out this year just to have it on file regardless?

Cheers!

What do we think of Labour Party's tax proposals?

Increase stamp duty on shares by 0.3%

Increase CGT by 3%

Increase dividend withholding tax to 33% on REITS.

I would love a party to come along to encourage investing and wealth accumulation. Wealth accumulation isn't a crime nor should it be seen as a taboo subject. I knew that party wouldn't be labour but no party seems to really have this as a core value. And with Labour suitable bedfellows for practically any government, if they have the bottle to go in to government again, you could see how these tax rates will eventually take place. A real shame

Probably a daft question.

If i complete a Form 11 do i need to complete a CG1 form also?

The bed and breakfasting rule is a load of bollox. Why shouldn't we be allowed realise losses to use against gains? Just shows that gov/revenue are only interested in your financial situation so long as you are making a profit. Anyone making a loss can go fk themselves as far as revenue are concerned.

I'm holding 100 shares in a stock that I am now down €300 on. What's stopping me from buying 100 more shares now and then immediately selling 100 after? I have maintained my position and I can now use my losses without having broken any rules - so what's the point of it really?

Not if you buy back in again within a month, which people would often like to do. If I feel a stock will drop some more before recovering, I want to sell before buying back in again. Gov/revenue essentially don't want us doing this.

You can just fill out online and drop into my enquiries online. No need to post.

Hi,

Thanks for all the useful info. Im pretty new to this and have a few very stupid questions.

1. Can I file and pay now CGT on shares bought and sold in 2020, have I missed a deadline, do I pay a penalty?
2. Joint assessed so does that mean my wife and I have 2 x €1270 (€2540) exemption overall?
3. If I bought and sold shares in 30 different companies over the course of 2020, is it not a case of adding up all the gains and minus the losses (subtract the allowance) and pay 33% on the profit? i.e. paying tax on the final profit / loss amount of the gain (degiro account) on 31st December 2020? - I pretty sure this isn't right but technically will you not have covered your tax liability by doing this?

For example: gains on degiro balance of €4000 on 31st December 2020, still holding some of the stock that made the gains, sold others throughout the year. €4000 - €2540 = €1460 @ 33% = CGT liability of €481.80

Thanks Supercell, this cleared up a lot of questions I have. I started trading on degiro this year, just small amounts, and I now understand that I do not need to make a payment on my €86 gains 🤑, and I can file the CG1 next year.

I did receive €5 in dividends, and the video mentions Form 11, but under MyAccount: manage your tax 2021 I can enter the dividends, as it is less than €5,000.

Are you printing it off, filling it out, scanning it and then attaching it?

I made an excel sheet this year with all buys and sells for each stock/crypto and worked each one out individually. The calculations would make steam come out the ears of Stephen Hawking himself.

The reason I did this was because I didn't trust the Degiro or Koinly calculations and really didn't want to give more money to Revenue than they deserve. Koinly was way off the mark (~2K off) - I dug into the calculations and they had duplicates of transactions all over the place. A real mess. Degiro is better but I don't think they follow the FIFO rules so be careful.

It really made me think about what I'm doing and will definitely try to minimise or simplify the transactions I make or close out positions completely before the end of the year to make the calculation easier.

Income tax on dividends is separate from CGT on any gains.