Capital Gains Tax Made Slight loss on Property

jack_pearse

Hi

I sold a property and basically broke even (Slight loss). Sale went through on 23 Dec 2024.

I'm a bit confused by the CGT payment and filing dates. According to Revenue I had to pay anything owed by 31 Jan 2025 and File by the 31 Oct 2025.

I have nothing to pay revenue as it made a very slight loss, so do I just file my CGT return detailing this by 31 Oct 2025 when I'm doing my yearly tax returns? Or do I need to inform revenue in any way now that I don't owe them anything?

Thanks

jack_pearse

I know this is a pretty basic question but is anyone able to answer it for me?

Geuze

AFAIK, people are meant to declare capital losses, for the purposes of carrying them forward against a future capital gain.

My shares in Anglo Irish Bank were wiped to zero back in 2010/2011, but I did not declare that on a CGT return.

I did use the loss years later.

ThreeGreens

File your Form 11 (income tax return), including your CGT loss before 31 October 2025 (or whatever date it will be extended to in November) and you're fine. You don't need to worry about the earlier date as that is only for payment.

jack_pearse

Thank you ThreeGreens, yes I will be declaring the loss on Form 11 in my October return…thanks for the clarification

SureYWouldntYa

Working in practice, iv seen a couple cases where people have tried to utilise losses from the mid 00s and the early 10s in recent years that were not previously recorded on a CG1. Revenue came back and asked for a CG1 to be filed for the years with the losses for the loss forward in the current year to be utilised, was no further questions at that time once the old CG1s were submitted.

I would think no harm in filing the loss on a CG1 to get it on the record, doesnt take all that long to do but if its not filed then the losses likely wont be lost