Form 11 help!

C

Carolk06

Guest
hi, need advice on the Form 11. Have just realised that the shares I have purchased for the last 3 years should have been declared. Can anyone tell me how to do this? Do I need to submit a form 11 for each year? Also, am I likely to be hit with a massive penalty on this?? The value is really not huge but am a bit worried about this!
 
Its not the purchase of the shares that requires declaration, but the receipt of dividends, if any, should be returned in the F11 together with any other income of course. Are you self employed or are you taxed by way of PAYE ?

Secman
 
hi there, thanks for the reply, I am a PAYE worked, however FAQ's I have from PWC through work state the following:

I have purchased shares under the Employee Share Purchase Plan. What are the tax implications?[broken link removed]When you [broken link removed]the shares, the difference between the market price of the Company's shares on the [broken link removed]and the [broken link removed]will be taxable as earned income. The tax rate is the same as the tax rate for your salary.

Income tax will be due in accordance with self-assessment provisions, i.e. payable by October 31 following the end of the tax year in which the share purchase takes place. You may also have an obligation to pay preliminary income tax by October 31 within the tax year of purchase and you should seek specialist tax advice to verify your position.

The amount of tax depends on your [broken link removed]. Generally, the more you earn, the higher your marginal tax rate. The maximum marginal tax rate is currently 41%.

Effective January 1, 2009, the discount will also be liable to the new income levy imposed on gross income.

We are purchasing shares at a discount of 15% so i expect this is why no?
 
Hi Carolk06,

it might be the case of the Relevant Tax on a Share Option. If so you need to fill the RTSO1 form and send the cheque to the Collector-General, within 30 days of the purchase. This is the form to use http://www.revenue.ie/en/tax/it/forms/rtso1.pdf
Have a look at this http://www.revenue.ie/en/tax/it/leaflets/it72.pdf

Regarding any penalty, I paid last August 4/5 weeks late, and no penalty were due at that time, but I'll wait until I'll submit the Form11 regarding 2009 next year before to relax :D.
 
Hi Carol06
The PWC notes spell it out clearly.

As it is not an approved scheme from their notes you must submit Form 11
[broken link removed]
 
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