Cgt allowable expenses

[Paul O Mahoney]

I'll try and keep this simple,

(1) Are annual fees charged on nominee account (Davy) tax deductible when calculating gains/loss , this case it's a loss?
(2) are the fees associated with buying shares tax deductible?
(3) Is transfer stamp duty tax deductible on the purchase of shares?
(4) Davy increased their fees to €50 a qtr in 2019 , I thought they'd simply change the DD but they didn't and sold shares to cover that expense in July 2010, I presume that the shares sold should be valued at the sale price then about €1.90 and that can be used as a deductible?

In short we are crystallising a loss as we sold other shares at a good price and made a good profit.

I tried looking through other threads but didn't find anything specific recently.

Thanks

 

[Paul O Mahoney]

Sorry, just noticed something else, we took up the 2010 rights issue but looking at the Book cost per Davy they don't seem to be included in there figure.

In summary our purchases ex fees and transfer stamp duty

May 2010 €2710 2000 shares
Jun 2010 €1650 3000 shares rights issue
Nov 2012 €6500 20000 shares

Total €10,860

Is it correct to use this figure for book cost value. All other calculations like the 30/1 restructuring seem to be accurate.

Again thanks

 

[RedOnion]

1. No
2. Yes
3. Yes
4. You treat as a sale on the date Davy sold them, and you received the proceeds.

 

[Paul O Mahoney]

1. No
2. Yes
3. Yes
4. You treat as a sale on the date Davy sold them, and you received the proceeds.

Thanks, and I promise last one ......calculate the loss on the sale of those 105 shares and carry it foward?

 

[jpd]

what 105 shares - there was no mention of them earlier - "Davy sold some shares"

You need to say what shares were sold and what the proceeds were?
What was the acquisition price of those shares?

Remember shares are sold on a first in, first out basis (well, most of the time)

 

[Paul O Mahoney]

what 105 shares - there was no mention of them earlier - "Davy sold some shares"

You need to say what shares were sold and what the proceeds were?
What was the acquisition price of those shares?

Remember shares are sold on a first in, first out basis (well, most of the time)

They sold 105 shares at €1.90 in July 2020 to cover the maintenance fee of €200, technically a sale? or not?

On the FIFO Boi have diluted the shareholders holdings by rights issues and the 30/1 restructuring of the balance sheet so I would imagine the costs given above aren't the actual cost of buying the shares.

We had 25000 10c ordinary shares then 834 €1 ordinary shares .

I'm not trying to be argumentative but I need to understand what should be done properly and calculate the correct loss on these shares. I'm finding it not simply take amount invested less amount realised or maybe it is.

 

[RedOnion]

On the FIFO

Are you selling ALL of the BoI shares you hold? If you are then the FIFO only applies to the portion that Davy sold to cover maintenance costs, so it simplifies your calculations.

 

[Paul O Mahoney]

Are you selling ALL of the BoI shares you hold? If you are then the FIFO only applies to the portion that Davy sold to cover maintenance costs, so it simplifies your calculations.

Selling all 728 thanks for all the help

 

[Paul O Mahoney]

Ok I completed my CGT a few weeks ago and then concentrated on the Form 11 which is now filed, we use ROS but old habits die hard and always have it filed by 31st October

Long story short there is a liability after all the gains and losses on the CGT and thanks to all those who advised earlier.

I'm happy with the fx rates at purchase, as I record them, and used midday usd/euro for 2 sales in August.
The proceeds were left on the US brokerage account and transferred 55% on the 10th of October, took 7 working days to t/f.

I know from experience that the brokerage, Fidelity, charge commission, right now I cant find exactly what amount but it will be included in the monthly statement which should be online this week.

Is this commission on the transfer, to Ireland/ Euro deductible against the gain, the fx element is fine , its about €800 .

So, much for short and sweet.

Thanks in advance

 

[jpd]

Commission on what?
If it is the commision on the sale then yes, it is a deductible expense.
if it is a FX commision for transferring funds, then no it is not deductiable as it is not linked to the sale. You could presumably left the funds in the Fidelity account

 

[Paul O Mahoney]

Commission on what?
If it is the commision on the sale then yes, it is a deductible expense.
if it is a FX commision for transferring funds, then no it is not deductiable as it is not linked to the sale. You could presumably left the funds in the Fidelity account

Exactly left them there, ok that's fine, thanks