Buying/Selling Shares one-off / Tax implications

J

jasonhar

Registered User
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Hi all

2 questions from a newbie

If I wanted to buy shares TODAY at today's prices, and I don't have an account with anyone (e.g. goodbody, etc..) - can I do it?
Or do I have to go thru the 5 days of processing an application, AML, etc..
Can I buy them on my credit card?


Regarding tax.
For example, If I bought 1000shares @ €1.00 today, and then I sold them again 3 months later @ €3.00 a share, and therefore €2,000 profit.
What tax would I have to pay?
And how and when do I have to pay the tax?
I'm a PAYE employee (don't know if that makes any difference).


Many thanks

Jason
 
jasonhar said:
Regarding tax.
For example, If I bought 1000shares @ €1.00 today, and then I sold them again 3 months later @ €3.00 a share, and therefore €2,000 profit.
What tax would I have to pay?
Click to expand...

You pay CGT on the profit - however, you deduct your CGT exemption from this before you pay (assuming that this is the only profit you have made and that you have deducted all available losses first). CGT exemption is €1,270 per annum. See Revenue site on CGT [broken link removed].

jasonhar said:
And how and when do I have to pay the tax?
Click to expand...

Again, see the Revenue site. For gains made between Jan and end Sept of any year, you pay the tax by the end of that October and then file the return the following October. For gains made between Oct and Dec of any year, you pay by the end of the next Jan and file the return by that October. You pay and file at different times for CGT.

jasonhar said:
I'm a PAYE employee (don't know if that makes any difference).
Click to expand...

Doesn't make a difference for CGT
 
Dont think you can buy them on a CC, you have to have an account for tax reasons in Ireland if buying through a broker.(i was told this before but not sure on the legality of it)

You would pay capital gain tax of 20% on the profit over the personal allowance of 1270 euro profit. therefore, 20% of 730 in a check to the revenue.
 
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