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Capital Gains Tax - Offsetting losses

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  • 29-07-2015 10:53pm
    #1
    Dapos
    Registered Users Posts: 617 ✭✭✭


    Hi,

    Looking for a bit of advise. I'm trying to move some of my investiments back into savings to access them. I'm trying to reduce the amount of Capital Gains Tax I need to pay. Am I right with the following assumptions?
    • I can move my money plus 1270 in any financial year with no CGT
    • It only needs to be in a financial year so if I do the same in January I can gain another 1270 with no CGT
    • I also cahed out all my precious metals. I made a loss on these from when I bought them a number of years ago. Can I offset this loss against any gains I made on other investiments this year? E.g. can I cash out a gain of 1270+ my losses on gold in one year without CGT
    • CGT is 33% on anything other gains

    Any I missing anything?
    Tagged:


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    #2
    For ever odd
    Closed Accounts Posts: 608 ✭✭✭For ever odd


    Abc profit 15k
    Xyz loss 5k
    Total profit 10k

    10k minus 1270 = 8730

    8730@ 33% CGT

    There used to be two reportables, so have a look into it.
    Inflation can also be taken into account from the year of purchase.


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    #3
    TiGeR KiNgS
    Registered Users Posts: 1,435 ✭✭✭TiGeR KiNgS


    Remember you must use your CGT Losses BEFORE the €1,270 annual exemption to stay compliant as done in the above example.


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    #4
    Dapos
    Registered Users Posts: 617 ✭✭✭Dapos


    TiGeR KiNgS wrote: »
    Remember you must use your CGT Losses BEFORE the €1,270 annual exemption to stay compliant as done in the above example.

    Could you elaborate? Do you mean you have to have made the losses first before you can go over the 1270 Profit?


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    #5
    TiGeR KiNgS
    Registered Users Posts: 1,435 ✭✭✭TiGeR KiNgS


    Dapos wrote: »
    Could you elaborate? Do you mean you have to have made the losses first before you can go over the 1270 Profit?

    It means you must use the all the CGT loss first before you can use the annual exemption.


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    #6
    Dapos
    Registered Users Posts: 617 ✭✭✭Dapos


    TiGeR KiNgS wrote: »
    It means you must use the all the CGT loss first before you can use the annual exemption.

    Do you have to declare these? Say you have losses of 1300, can you not sure assume you can make 2570 of profit in that year?


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    #7
    Grawns
    Registered Users Posts: 2,169 ✭✭✭Grawns


    Have an unexpected situation where my shares in Dragon oil are being compulsorily bought. Will have large gain and want to minimise my Capital Gains.

    Now I have some AIB shares (held in paper) I inherited 11? years ago. Think they were around €3.

    My question is if sell the AIB shares now my understanding is that I can offset the loss in value against my profits when the dragon oil shares are sold at the end of August. Is this correct?

    Thanks


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    #8
    TiGeR KiNgS
    Registered Users Posts: 1,435 ✭✭✭TiGeR KiNgS


    Grawns wrote: »
    Have an unexpected situation where my shares in Dragon oil are being compulsorily bought. Will have large gain and want to minimise my Capital Gains.

    Now I have some AIB shares (held in paper) I inherited 11? years ago. Think they were around €3.

    My question is if sell the AIB shares now my understanding is that I can offset the loss in value against my profits when the dragon oil shares are sold at the end of August. Is this correct?

    Thanks

    Yes, you can do this.


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    #9
    Grawns
    Registered Users Posts: 2,169 ✭✭✭Grawns


    TiGeR KiNgS wrote: »
    Yes, you can do this.

    Thanks for answering. I did this last week as I was holding on to them for sentimental reasons. Inheritance from my nan. Glad they will save me some money after the massive kicking I took. Turns out they were €13 a share when my Nan died!


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    #10
    Funnygirl123
    Registered Users Posts: 2 ✭Funnygirl123


    Guys just wondering if anyone has any advice a few years ago my dad passed away and I have to pay €50k in capital aquisitions tax, now I don't have this lying around and I had a large amount of debt to deal with too so I put my head in the sand and waited for the revenue to come calling but they haven't yet...

    So my dilemma is this should I contact them? And draw attention to the fact that I haven't paid? Or say nothing in the hope that due to some glitch they miss the tax liability? Surely they would have contacted me?

    Btw my tax liability was processed by an accountant so it was all done quite professionally (apart from my non payment of course :()

    I'm having sleepless nights now worrying about it

    Is there anyway I could check my liability without drawing attention to myself?

    Hope someone can help


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