frequently asked questions

From all things CGT to how your Submyt subscription works, we have the answers to all your questions…

Capital Gains Tax

Capital Gains Tax (CGT) is a tax on the profit (gain) made when you sell or dispose of an asset that has increased in value. In Ireland, CGT applies to a variety of assets, including stocks, shares, and cryptocurrency.

CGT is charged on the difference between the sale price and the original purchase price of an asset, minus allowable deductions such as broker fees. The standard CGT rate in Ireland is 33%, with some reliefs available for qualifying transactions.

CGT applies to a wide range of assets, including:

  • Stocks and shares (including ETFs and investment funds)

  • Cryptocurrency

  • Investment properties

  • Business assets

  • Art, antiques, and valuable collectibles

For gains made between January 1st and November 30th, CGT is due by December 15th of the same year. For gains made in December, CGT is due by January 31st of the following year.

October 31st. If you made gains this year, you will pay your GCT this year BUT file by October next year. There is a small extension for those filing via form 11 in ROS. 

You file Irish capital gains tax (CGT) by uploading a CG1 form via my enquiries portal. Alternatively you can register for Revenue Online Service (ROS) and submit a Form 11. Registering for ROS takes a bit of time for Revenue to issue your digital certificate. With either approach, you need to calculate the gain, fill out the relevant form having paid the tax when it was due.. 

There are two ways to file your previous years taxes.

  1. Via revenue online Service (ROS) 

This is an online service usually used by experienced people who routinely have additional income or need to claim non standard reliefs. Typically sole traders, farmers, small business owners etc. Upon the filing deadline, they will fill in what’s called a Form 11 and submit it digitally to revenue for review. 

  1. CG1 form via myaccount or freepost.  

There are two ways you can do this. One is by printing the form, filling it out, scanning it and uploading it via my enquiries. The second is similar but instead of scanning and filing online you can freepost the printed form back to revenue. 

Quite a bit goes into it and it doesn’t help that most trading platforms display asset prices in a linear way (specific asset value with the cost of that specific asset). Most tax jurisdictions require special treatment of them. Ireland is no exception. 

Things to consider and there is more information within this FAQ and our blog are;

  • FIFO rule
  • LIFO rule
  • Foreign currency fluctuations
  • Deferred losses

FIFO is an accounting method that is mandatory in Ireland. It basically means if you have 100 shares of Submyt, purchased over several years and different prices and sell 25 of them, the first 25 are considered the shares that you sold. These are used for your cost basis for calculating CGT.

It is an often confusing and a missed step for most people doing their calculations and also requires heavy book/ record keeping. We have written a detailed blog here that goes into detail. We also built a pretty simple but cool FIFO calculator you can try for free. 

 

Naturally we automatically apply FIFO to the cost of your sold shares in real time so you’ll never need to worry about it if you sign up. 

LIFO (Last in, First out) rule applies to assets that were purchased and then sold within 28 days. Any losses or gains are tied to that purchase. This is one of the rare exceptions to the normal mandated methodology where FIFO (First in, Last out) applies. LIFO is likely to show up where for example you received performance shares, RSU’s and or ESPP’s and sold them immediately. In this case LIFO would be applied. Our system detects this automatically and applies the correct and approved calculation. 

If you sold an asset at a loss and re-purchased it within 4 weeks, you cannot offset that loss against your other gains made that year. This is known as wash selling or bed and breakfasting. We have a detailed blog about it here. 

Deferred losses come into play as the newly re-purchased asset(s) are eventually sold and those potential losses can be offset against that specific purchase in the future. We also have a blog on this complicated topic here and of course we automatically apply this logic to our calculations. 

 

Aside from the above example deferred losses also are loses you filed with the revenue commissioners in previous years that can be used (oldest first) against gains made in the future. We of course do this for you (its why we ask you to submyt your oldest tax years first if you haven’t already). 

Yes, some exemptions apply. For example, if you sell your main home (your principal private residence), it’s usually exempt from CGT. There’s also a small annual exemption of €1,270, which means the first €1,270 of your gains in a year is tax-free.

Yes and it can be important to do so. Firstly it is a requirement by revenue that disposal of an asset is filed even if it is at a loss. Secondly those losses in some cases can be carried forward to limit the impact of any potential gains in following years.

Yes, you can use losses from selling other assets to reduce your taxable gains. This can help lower the amount of Irish capital gains tax you owe.

Yes, profits from selling or exchanging cryptocurrency are subject to Irish CGT at the standard rate of 33%.

If you miss the deadline, you may face interest charges and penalties. It’s important to file and pay on time to avoid extra costs.

 

Please note; We have absolutely no discretion when it comes to applying late filing fines, fee’s or penalty interest. 

Submyt

We understand that a subscription model for tax obligations is somewhat unusual. However, given that within Capital Gains, you have multiple obligations extending throughout the course of the calendar year we felt this was the best way that we could support you and ensure you are fully compliant year round!

We have 2 different plans available to you, Core and Core Plus, along with a free test account option that we call a ‘Discover’ account. 

 

All plans are powered by our revolutionary new tax engine (STEAM).  Where the plans differ is that there is limited functionality on a Discover account (max of 5 transactions can be entered) and the Core Plus plan also comes with a 1-year license to a crypto tax calculator platform called Koinly

We have different plans to suit your needs, our CORE plan is €60 per year where our CORE PLUS plan is €120 per year. There are no hidden fees or other costs of any kind. You can even file for multiple years under our one year subscription. 

Accountants are fantastic and there are times in our lives when using a professional accountant is absolutely the right thing to do.

However, the field of accountancy is very broad and often comprises very complex needs and services. Whenever you use an accountant you are paying for all of their skills and expertise across many different areas of accountancy practices. Therefore their rates reflect all of these additional skills and knowledge, which, quite  frankly, are overkill for CGT calculations and filings.

At Submyt we specialise in a very narrow field (CGT) so we charge according to this speciality, not a whole host of other irrelevant (in the context of CGT) accountancy expertise. We have also created a fantastic technology that calculates your liability in real time. This automation significantly reduces our costs which we’ve passed on to you. 

Whenever you sign up with Submyt you will be signing up for an annual subscription, meaning that you have your CGT needs taken care of for a full year from the date of sign-up.

 

Your plan will automatically renew each year (unless cancelled) so you can rest easy knowing that everything is always taken care of

Your subscription covers your current Capital Gains Tax (CGT) obligations for the year. Specifically, this includes:

  • CGT payment calculations for gains made between January 1 – November 30 (due December 15).
  • CGT payment calculations for gains made in December (due January 31 of the following year).
  • Deadline reminders to ensure you pay Revenue on time and avoid penalties.
  • Guidance on how to make CGT payments to Revenue.
  • Capital Gains assistance with more complex assets such as second property sales or gains/losses attributed to selling (or dissolving) a business
  • Any other tax related items beyond CGT (income tax returns, tax credits etc.) We also only at this time calculate stocks and crypto. We cannot support “non quotable assets” like jewelry art or stock from privately owned companies. We also cannot at this time support property sales.
  • Tax advice – we are not an advisory service, we cannot help you optimise your portfolio or provide advice on the best time to sell for tax efficiency etc. We simply facilitate the calculating and optional filing process for you.

Your subscription is all inclusive regardless of which plan you choose. If you need historical filing support, simply sign up, verify your account, add your transactions then hit Submyt. We’ll do the rest. 

Here is an overview of what is and isn’t covered if you were to sign up for our CORE service in say May 2025

Included:

  • CGT return filing for up to 5 tax years ago (2020 – 2024)
  • CGT reminders and calculations for 2025 gains/losses
  • Guidance on how to pay any gains and the dates by which you need to do it by this year
  • 2025 CGT filings – providing you engage with us before your subscription ends in May 2026

Not included:

  • 2025 filing if you fail to engage with us before your subscription runs out in May 2026