I have a couple of questions in relation to share purchasing and would be very grateful for any answers.
If I purchase shares as a PAYE assessed employee, will I always be self assessed for tax until all of my shares have been disposed of? Is the paperwork manageable without accountant?
If I am PAYE assessed for tax should I be paying any tax after DIRT on interest income?
If I am self assessed for tax will I have to pay any tax after DIRT on interest income? If so how much, surely not at marginal tax rate of 20 or 41% on top of DIRT? Would I pay income levy on it only?
When paying capital gains tax on shares what expenses can you claim against it? Broker fees? Stamp Duty on the purchase?
Is it correct that CGT losses can be carried forward indefinitely to offset gains? Only thing is CGT losses must be used against any gains before the CGT exemption of 1270 can be used?
Is CGT and stamp duty taxed differently if shares sold within a short period of 10 days?
Could anyone also please give me ideas if this looks correct below?
01/01/2008
buy 1000 shares at 1.5 euro-1500
Stamp duty (1%)-15
Broker-20
01/05/2008
buy 1000 shares at 2 euro-2000
Stamp duty (1%)-20
Broker-20
01/08/2008
sell 1500 shares at 2.50 euro-3750
Broker-35
Based on FIFO, I first sell the first 1000 (bought 01-01-08) then 500 of those bought 01-08-08
Selling Price-3750
Bought 01/01/2008
Cost -1500
Bought 01/05/2008
Cost (Half total) -1000
Gain 1250
Subtract Costs
Bought 01/01/2008 -35
Bought 01/05/2008 (Half) -20
Selling 01/08/2008 -35
Capital Gain (tax payable @22% or 25?) 1160
1160 is less than the 1270 exemption so no tax payable if no more disposals that year
If exemption already used the CGT= 25%? of 1160= 290
Thanks for help
Tom
If I purchase shares as a PAYE assessed employee, will I always be self assessed for tax until all of my shares have been disposed of? Is the paperwork manageable without accountant?
If I am PAYE assessed for tax should I be paying any tax after DIRT on interest income?
If I am self assessed for tax will I have to pay any tax after DIRT on interest income? If so how much, surely not at marginal tax rate of 20 or 41% on top of DIRT? Would I pay income levy on it only?
When paying capital gains tax on shares what expenses can you claim against it? Broker fees? Stamp Duty on the purchase?
Is it correct that CGT losses can be carried forward indefinitely to offset gains? Only thing is CGT losses must be used against any gains before the CGT exemption of 1270 can be used?
Is CGT and stamp duty taxed differently if shares sold within a short period of 10 days?
Could anyone also please give me ideas if this looks correct below?
01/01/2008
buy 1000 shares at 1.5 euro-1500
Stamp duty (1%)-15
Broker-20
01/05/2008
buy 1000 shares at 2 euro-2000
Stamp duty (1%)-20
Broker-20
01/08/2008
sell 1500 shares at 2.50 euro-3750
Broker-35
Based on FIFO, I first sell the first 1000 (bought 01-01-08) then 500 of those bought 01-08-08
Selling Price-3750
Bought 01/01/2008
Cost -1500
Bought 01/05/2008
Cost (Half total) -1000
Gain 1250
Subtract Costs
Bought 01/01/2008 -35
Bought 01/05/2008 (Half) -20
Selling 01/08/2008 -35
Capital Gain (tax payable @22% or 25?) 1160
1160 is less than the 1270 exemption so no tax payable if no more disposals that year
If exemption already used the CGT= 25%? of 1160= 290
Thanks for help
Tom
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