I can show share certs to the current value of 25k. Also have two mortgages & no banking problems in history.zag said:It's possible, but you would have a lot of convincing to do. You would need to convince the bank that you weren't going to do a runner with their 20K and take a years head start with their agreement.
Sounds okay but if I cash any shares now I have to pay 42% tax - the share were received as a employee share scheme with a 3 year wait to cash ex.taxzag said:Why not take out a longer term loan with variable rates, cash in some of the shares now and use those to repay a small part of the loan for the year and then cash the balance in a years time and pay off the loan ?
Why income tax and not CGT?!Chieftain said:OR I can wait a year and cash them in without paying income tax.
Revenue-approved profit sharing schemes allow employees to purchase limited amounts of shares each year from pre-tax income, provided the shares are held for 3 years. If shares are sold early, then income tax applies (& CGT on any gains).ClubMan said:Why income tax and not CGT?!
Trish07 said:Hi All,
My understanding of stocks/shares is that there is a limit to the amount that will be tax free i.e. 1270euro a year and the remainder then has CGT even after holding them for the three year period
Fintan said:Have you thought about what happens if the share price goes down? Can your budget allow for it?
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