Tax Situation for shares purchased through ESPP Scheme & annual Bonus as shares

[apple1]

Hi,
Urgently need some advice. Over the last 7/8 years, I've purchased shares at varying levels through ESPP schemes (@ 15% discount to mkt rate) and occasionally taken my Annual Bonus as shares. Unfortunately, I've largely ignored this element of my income & had intended to completely set aside for some future rainy day or treat. That day has arrived with imminent house purchase. Current situation based on share value is I have approx. $55,000 worth of shares ($27,000 purchased through ESPP & $28,000 in Annual bonuses). I've ignored to such an extent that I've no idea as to whether I'm currently making a profit or loss??? My query is whether I have any tax liability or does this only accrue when I sell them. In either event, if I have a liability, is there any legal way to minimise it but also release as much funds as possible. Thanks in advance, apple1

 

[ClubMan]

Have you read the existing threads on shares and tax liabilities that arise? Unless your scheme is Revenue approved (in which case different tax treatment may apply) then you have an income tax liability (at your marginal rate and payable within 30 days via a [broken link removed]) at the time that you exercise shares at a discount to the market value (i.e. income tax on (number of shares x (market price - discounted price))). Any subsequent disposal gain is assessable for CGT. If you exercise and sell immediately then only income tax applies since there is no capital gain. You probably need independent, professional advice to sort out your outstanding tax liabilities, find ways of mitigating your liabilities and possible interest/penalties and prepare a submission/return to Revenue to sort matters out.