Hello. My elderly parents hold a few hundred thousand euro worth of Diageo shares. My Dad bought the shares incrementally over the years, so he has dozens of old share certificates with different dates, ranging from the 1970s to the early 2000s. They receive dividends quarterly in £ sterling and do the return on MyRevenue to pay whatever tax is owed. It’s difficult for them because it’s a challenge to get hold of the necessary documents for the tax return as things are emailed to them and they are in their 80s. We (their kids) all try to help but the whole thing stresses them out.
They are interested in paying a professional (a) to look after their tax return and (b) advise them on their options regarding selling the shares. Would a service like TaxAssist work for them or what kind of professional are they looking for? I assume someone would do the ongoing tax return work for a few hundred euro a year, but let me know if I’m wrong.
Regarding selling the shares, my own (very basic) understanding is that they would potentially be liable for significant CGT if they were to sell the shares, particularly the ones bought earliest which would show the biggest gains. But if they hold the shares, the CGT liability would be extinguished when they die. Open to correction on that.
Thanks.
They are interested in paying a professional (a) to look after their tax return and (b) advise them on their options regarding selling the shares. Would a service like TaxAssist work for them or what kind of professional are they looking for? I assume someone would do the ongoing tax return work for a few hundred euro a year, but let me know if I’m wrong.
Regarding selling the shares, my own (very basic) understanding is that they would potentially be liable for significant CGT if they were to sell the shares, particularly the ones bought earliest which would show the biggest gains. But if they hold the shares, the CGT liability would be extinguished when they die. Open to correction on that.
Thanks.
