Tax on Share Options and Tax assessment

[Voodoo]

Hi all,

I have two queries really. First is as follows - I had some shares in a company I worked for that I sold in I think 2001 or 2002 but at the time, was struggling to buy a house and didnt pay the tax on these. I now want to clean up everything and wondered if someone can give me guidance in who to contact, the process and what penalties/interest I am likely to have when I contact them about this.

Second, I would like to get Revenue to look at my tax situation for last year. I changed jobs in the last year and my wife left her employment 2months after this and I would like to simply get a full assessment done to ensure that I havent overpaid or underpaid for this year. What again is the process to kick this off?

Thanks in advance

 

[Clarkey]

Hi all,

I have two queries really. First is as follows - I had some shares in a company I worked for that I sold in I think 2001 or 2002 but at the time, was struggling to buy a house and didnt pay the tax on these. I now want to clean up everything and wondered if someone can give me guidance in who to contact, the process and what penalties/interest I am likely to have when I contact them about this.

Second, I would like to get Revenue to look at my tax situation for last year. I changed jobs in the last year and my wife left her employment 2months after this and I would like to simply get a full assessment done to ensure that I havent overpaid or underpaid for this year. What again is the process to kick this off?

Thanks in advance

Voodoo first of all you need to file a CG1 [broken link removed]
(Capital Gains Tax return) for the relevant year in which you sold the shares i.e. 2001 or 2002. You will pay 20% tax on the profit you made on these shares (Difference between what you paid for them and what they were eventually sold them for). Since you are late filing the return you will be liable for a 10% surcharge on top of the tax due so if you owe €1,000 in tax the surcharge will be an extra €100 (10% of tax due).

To have your tax affairs reviewed for 2006 you will need to send in your P60 along with details of your wife's earnings from her employment and any social welfare income she received if relevent. To find out which is your local tax office click on this link enter your pps number and this will tell you postal address and phone number for your tax office [broken link removed]#

 

[Slash]

You may also be liable to income tax (and possibly penalties) on the exercise of the options.