How to declare past income for Stock Options/SARS

[deeobrien]

So it seems there was a bit of of a mix-up on how our stock program was managed in the company I work for. Long story short the company are sorting out the restricted stock units but we have to sort out the tax liability for our Stock Options/SARS. The company have just completed reporting the exercise of the SARS to revenue for the past number of years.

The tax due when the SARS were exercised should have been filled on a RTSO1 form within 30 days. That didn't happen and subsequently a form 11 was not filled for that year either. Given the 30 day deadline has passed do I just file a form 11 for the relevant year? As well as interest I assume a surcharge will also have to be paid as the deadline for filling the form 11 for that year has passed?

I'm also concerned about these increased penalty's (removal of qualifying disclosure) that will happen for offshore assets in May - the shares are not in an Irish company so not sure how that impacts things. I don't know if foreign company Options/SARS are considered offshore assets.

For a PAYE worker in a Irish company this is all very complicated

 

[elcato]

I'm pretty sure the off-shore stuff has nothing to do with your predicament so I'd worry about the first part. If it were me I would gather all the stock options sold in each year and write down what you got. Armed with this then contact revenue and ask them how you should proceed. They may tell you to fill in a RTSO1 and a form 11 for every year, They may ask you to pass on the figures and may issue a new form p21 with the outstanding amount for each year on it and you just send them a cheque. Finally if the amount in each year is under 3.7k a form 12 will suffice.

I love the opening sentence in your post though, I'm guessing you were fluttering you li'lle old innocent eyelids as you were typing it . I would use it with revenue as an opening gambit.