If you sell shares at a loss, do I need to file Revenue returns?

Sussex18 · 15-09-2020 4:01pm #1

Hi presumably I'm not liable for tax, but should I still file a return does anyone know? And if so are the forms a available on line?
Thanks ðŸ™‚

Calahonda52 · 15-09-2020 4:49pm

Yes re the return as you want to record it as losses forward

Sussex18 · 17-09-2020 4:47pm

Calahonda52 wrote: »

Yes re the return as you want to record it as losses forward

Thanks, is it a Capital Gains Tax form that I need to get or another?

Calahonda52 · 17-09-2020 5:03pm

Sussex18 wrote: »

Thanks, is it a Capital Gains Tax form that I need to get or another?

are u on ros or myaccount
https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/when-and-how-do-you-pay-and-file-cgt.aspx

Stratvs · 24-09-2020 2:07pm

FYI - This just came up in a webinar at lunchtime and I missed it at the time it came out originally in June.

https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1242020.aspx

Sussex18 · 25-09-2020 1:05pm

Stratvs wrote: »

FYI - This just came up in a webinar at lunchtime and I missed it at the time it came out originally in June.

https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1242020.aspx

Thank you so that obviously means that I don't need to submit returns? It was only around E1300 and that was at a very big loss unfortunately.

Stratvs · 25-09-2020 2:12pm

Sussex18 wrote: »

Thank you so that obviously means that I don't need to submit returns? It was only around E1300 and that was at a very big loss unfortunately.

Correct. But on any future claim for those losses against a gain you need to have kept the relevant backup from the loss computation in case requested by Revenue. See last paragraph in 5.1.

Sussex18 · 26-10-2020 11:24am

Stratvs wrote: »

Correct. But on any future claim for those losses against a gain you need to have kept the relevant backup from the loss computation in case requested by Revenue. See last paragraph in 5.1.

Hi sorry to revive this, but rhere is definitely no tax on a loss? I don't want the Revenue coming after me in years ahead with interest snowballed ðŸ™‚

Stratvs · 26-10-2020 11:33am

Sussex18 wrote: »

Hi sorry to revive this, but rhere is definitely no tax on a loss? I don't want the Revenue coming after me in years ahead with interest snowballed &#55357;&#56898;

While we have a Capital Gains Tax we don’t have a Capital Loss Tax. But don’t say that too loud as there may be some government mandarin out there looking for ideas !

okidoki987 · 27-10-2020 3:57pm

Sussex18 wrote: »

Hi sorry to revive this, but rhere is definitely no tax on a loss? I don't want the Revenue coming after me in years ahead with interest snowballed &#55357;&#56898;

No.
The important word in CGT is "GAIN", this would be a loss and there is no tax payable on a loss.
Just carry it forward and use it to reduce a future capital gain so at least that
will save you some money and remember there's no expiry date on the losses.

okidoki987 · 27-10-2020 4:00pm

Stratvs wrote: »

While we have a Capital Gains Tax we don’t have a Capital Loss Tax. But don’t say that too loud as there may be some government mandarin out there looking for ideas !

Good luck to someone looking for a tax on a loss!

"Oh I've just been hammered on a share I bought that has fallen by 90% and now the government want 5% of the balance left! :eek:.
Wouldn't hold out too much hope for that government figure in the next election.

Sussex18 · 27-10-2020 7:00pm

It was an 80% loss or something like that, I just sold to be shut and out of the business for good.

Tax is only then on a profit? Not simply a blanket tax on a sale?

Thanks

If you sell shares at a loss, do I need to file Revenue returns?

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