Income Tax on Company Shares

N

nmurchu

Guest
Hi,
I was offered the option to buy a number of shares in the copmany I work with a number of years ago. They recently increased in value and I excerised the options and sold them on the same day.
I am being told that I will have to pay income tax rate + income levies on the profit. Is this correct? Amounting to approximately 48% within 30 days.
Any advice would be greatly appreciated!
 
On another point. I have some shares in other companies which are doing dreadful.
If I sold these shares can I offset this loss against the other tax bill. I know this can be done if it was a Captial gains tax
 
Your first mail is correct - if you exercise and sell options, then income tax (and the other charges) are due within 30-days.

You can't offset a capital loss against this I'm afraid.

See: www.[B]revenue[/B].ie/en/tax/it/leaflets/rtsoa.pdf (.pdf document) for all the details.
 
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