Treatment of allowable CGT losses

Jun 29, 2020

Revenue have confirmed that there is no requirement for a person to include a CGT loss in a tax return for the chargeable period in which the loss arises for the purposes of validating the loss.  

Revenue’s Tax and Duty manual Part 19-02-05 has been updated at paragraph 5.1 to clarify that, where an allowable loss arises in a chargeable period and there is no chargeable gain against which it may be offset in that chargeable period, there is no requirement for a person to include the loss in a tax return for the chargeable period in which the loss arises.