Declare Shares to Revenue

K

KarlD_91

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Hi,

I have purchased shares of five publicly traded entities since April of this year. One is listed on the Irish stock exchange, two others are US-domiciled exchange traded funds and the remaining two are US-listed companies.

I would be very grateful for advice on what my obligations are in terms of declaring these assets to Revenue? From what I gather Form 11 looks to be the relevant paperwork? Assuming I do have to declare my ownership of these stocks, would I be declaring them in next year's submission for the 2017 tax year?

Thanks in advance for any help.

Karl
 
You have no obligation to declare purchases of assets.

You have an obligation to declare income from assets, and/or capital gains from disposal of assets.
 
Protocol said:
You have no obligation to declare purchases of assets.
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Hi Protocol

Are you sure.

On the Form 11, there is a page for Capital Acquisitions

upload_2017-8-30_16-2-25.png


I have always put in here any shares I have bought.

Brendan
 
Brendan Burgess said:
I have always put in here any shares I have bought.
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Ditto. I doubt there would be major fallout if you didn't fill this in, perhaps unless you are trying to claim a capital loss in some future year. But I always fill it in just for completeness.
 
Tens of thousands of people buy shares every year.

I wonder how many declare these purchases in their tax returns?
 
There is no sanction if one doesn't disclose the acquisition of such an asset. However, it's handy to do so via the Form 11, even if it's just to make it easier to keep track of things.

I'm also a firm believer that compliance also decreases the risk of an audit and the hassle that brings. Maybe not by much, but it's not a zero probability game.
 
I was wondering about that ok.

I have tended to fill this section in. But I would not say that I have done it systematically over the years.

They have never queried a sale of shares asking when had I bought them.

Brendan
 
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