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Capital Gains Tax Incorrect

  • 08-01-2021 1:04pm
    #1
    langer91
    Registered Users Posts: 803 ✭✭✭


    Hi,

    I submitted a CG1 form for 2020 in order to submit a losses made on transactions during the year and to carry this forward into future years.

    I entered my total transaction amounts in Section 1 (a) and (b) of the CG1 form.

    I entered the total loss for the year in Section 8.

    Revenue have calculated this as the amounts in Section 1 as the total gains I made in the year, and Section 8 as an amount I am carrying forward from a previous year and now asking that I pay tax on this.

    I have wrote to them today in order to fix this and explain the situation.

    Just wondering if this is an easy fix or if anyone has encountered a similar issue previously?

    In summary - no profit made last year, yet revenue are asking me to pay CGT.

    Thanks


Comments

  • #2
    wiggle16
    Moderators, Society & Culture Moderators Posts: 3,022 Mod ✭✭✭✭wiggle16


    All that's happened is that the person who processed your form made a mistake when inputting it. It's very annoying but stuff like this happens all the time, it is a very easy fix so I wouldn't worry about it at all.


  • #3
    langer91
    Registered Users Posts: 803 ✭✭✭langer91


    wiggle16 wrote: »
    All that's happened is that the person who processed your form made a mistake when inputting it. It's very annoying but stuff like this happens all the time, it is a very easy fix so I wouldn't worry about it at all.

    Thank you for the re-assurance!


  • #4
    ashdss
    Registered Users Posts: 3 ✭ashdss


    Hi,
    I have a question.
    Has anyone gone to Germany or Portugal to cash their Bitcoin?
    (Ive heard they have no capital gains on crypto)
    In Ireland the 33% capital gains is a lot if Bitcoin goes to 100 or 200 K

    I would like to know what other peoples plans are?
    Or if its something you have already done..


  • #5
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    You'd have to go there to live, for quite a long time. I assume you're an Irish person intending to live here for the foreseeable. Unless you're willing to give up your home in Ireland, forget it.


  • #6
    lawred2
    Registered Users, Registered Users 2 Posts: 24,464 ✭✭✭✭lawred2


    ashdss wrote: »
    Hi,
    I have a question.
    Has anyone gone to Germany or Portugal to cash their Bitcoin?
    (Ive heard they have no capital gains on crypto)
    In Ireland the 33% capital gains is a lot if Bitcoin goes to 100 or 200 K

    I would like to know what other peoples plans are?
    Or if its something you have already done..

    That could change with an afternoon in a German or Portuguese parliament session

    Separately, why would they explicitly set aside crypto gains for CGT? You sure of that


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