CG1 form with loss

Linkstr

Hi all :pac:,
I bought some stocks and ETF (and had some losses) last year (2017). Now I have to fill my CG1 form, and I think it's very confusing.
I have a few questions (form https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/formcg1.pdf ) :

1.Description of Assets :

Shares/Securities - Quoted

Do I have to describe all the assets I've bought ? Or only the ones I sold ? are ETFs considered as "Shares/Securities - Quoted" ?

Gains / Losses / Net chargeable gains

I think I only have to fill "Losses in the year"

17.Unused Loss(es) for carry forward to 2018

Do I have to specify my loss there as well ?

Bank Details

If I specify an amount in to carry forward to 2018, do I have to specify my bank details ?

Self-Assessment – Capital Gains Tax 2017

Do I have to fill anything under self-assessment ?



Thanks for your help

dennyk

Did you actually sell any of your ETFs during the 2017 tax year? Gains or losses in value aren't generally counted until you actually dispose of the asset in question (or until deemed disposal takes effect, if your particular ETFs are liable under that rule, but that won't be until eight years after you originally acquired the asset). There is usually no need to report unrealized gains or losses to Revenue aside from deemed disposal situations (nor is it generally permissible to use unrealized losses to offset any realized capital gains).

ETFs have different tax treatment depending on where they are domiciled; see this Revenue guidance note for more information. For example, Irish and other EU domiciled ETFs do not fall under CGT; both realized (and deemed disposal) gains and dividend payments are taxed as income under the income tax regime rather than CGT. This also generally means that losses from such ETFs cannot be offset against capital gains or even against gains from other Irish or EU funds in the same year.

I'd suggest consulting with a tax advisor or accountant if you have any questions about your particular ETFs and how they would need to be handled; it can be a complicated area and getting it wrong could leave you subject to penalties.

Notwithstanding all that, if you are in fact filing a CG1 for 2017 at this time, then yes, you would need to complete the self-assessment portion as well.

Linkstr

Hi, thanks for your message.
I didn't sell any ETF, just some stocks (with a loss).
My total loss is around 30 €, for this reason, I would like to avoid contacting a tax advisor (which would cost way more than 30€ )

Islander13

Linkstr wrote: »

Hi, thanks for your message.
I didn't sell any ETF, just some stocks (with a loss).
My total loss is around 30 €, for this reason, I would like to avoid contacting a tax advisor (which would cost way more than 30€ )

Not really worth the hassle is it?

Linkstr

Islander13 wrote: »

Not really worth the hassle is it?

No it's not, does that mean that I do not have to fill the CG1 if I don't want to get the money back ? I mean, is it legal ?

Linkstr

I think I'm almost done with the form, I still have one question regarding the Self-Assessment. I believe I do not have to fill any field in this section, but based on the fact that I should have some tax relief next year (since I've lost some money), do you think I have to fill the section :
"Balance of tax overpaid for this period" ?

wiggle16

Balance of tax overpaid for this period = the amount of tax you believe Revenue is due to refund to you because you paid more than you were supposed to.

You would put zero in this field because you made losses and therefore paid no tax, so there is no tax due back to you. This field of the form is not relevant to future tax years.