Shares, tax & many many many years ago!

[leesider29]

Hi all,

My old man dabbled in shares going back through the years mainly through a profit sharing scheme with the company he worked for. The amounts weren't that big but he never paid tax on them and the last transaction was around 4 years ago. Now he has around $40k left over in shares which he hasn't sold yet and is afraid to as if he reports it to the tax man he is afraid they will back track on previous transactions but he goes ahead and doesn't report it he is afraid they will find out anyway. Anyone know if they do back track in these instances and if they do do they just ask for the amount that would have been due thorughout the years or is there a penalty as well?

Cheers,
Leesider

 

[Brendan Burgess]

He would need to pay for professional tax advice on this issue.

A good advisor will suggest to him to make a voluntary disclosure to the Revenue and escape the more serious penalties.

 

[leesider29]

He would need to pay for professional tax advice on this issue.

A good advisor will suggest to him to make a voluntary disclosure to the Revenue and escape the more serious penalties.

Thanks for that, thought that is the path he might have to go down, next thing is to get him to go for professional advice......they get very stubborn you know!!!