Hi all,
I am looking to invest in shares for the first time but I don't really understand how to go about the process of paying CGT on the sale of shares. I reviewed the info on the revenue website but it seems quite complicated. Just wondering how most people go about this when they first start trading? Do most people use an accountant for this? If so, would the accountant usually charge a percentage or a set fee? ie would the fee wipe out your profit? I understand the first 1,270 is exempt of tax but the form is quite complex in terms of inflation/indexation relief & also if shares are bought via a rights issue etc, further rules apply. Revenue also states that when shares are bought in a foreign currency, the costs of aquisition must be converted to Irish currency in ref to the rate of exchange at the time. So if you join a sharedealing website such as etrade, does this mean all deals operate in their currency where thay are based? Will each deal record the rate of exchange at that time for tax later?
I know this is a lot of questions but one can only learn by asking. Just want to know how most people figure out the tax issues when they are first starting out. I follow business & markets as I have an interest in them but just don't really understand the tax. Any advice is very much appreciated. Thanks!
I am looking to invest in shares for the first time but I don't really understand how to go about the process of paying CGT on the sale of shares. I reviewed the info on the revenue website but it seems quite complicated. Just wondering how most people go about this when they first start trading? Do most people use an accountant for this? If so, would the accountant usually charge a percentage or a set fee? ie would the fee wipe out your profit? I understand the first 1,270 is exempt of tax but the form is quite complex in terms of inflation/indexation relief & also if shares are bought via a rights issue etc, further rules apply. Revenue also states that when shares are bought in a foreign currency, the costs of aquisition must be converted to Irish currency in ref to the rate of exchange at the time. So if you join a sharedealing website such as etrade, does this mean all deals operate in their currency where thay are based? Will each deal record the rate of exchange at that time for tax later?
I know this is a lot of questions but one can only learn by asking. Just want to know how most people figure out the tax issues when they are first starting out. I follow business & markets as I have an interest in them but just don't really understand the tax. Any advice is very much appreciated. Thanks!