Shares Sold - CGT & USC / PRSI Due

G

Goldenman

Guest
Hi , Looking for some help on correct way to calculate tax & dutys payable on shares sold this week & when / how to pay.
  • Shares purchased through company sharesave scheme
  • They have been held for required period of 3 years so free of income tax (I think )
  • Example
    • 1081 shares purchased
    • purchased for €10.43 a share sold for € 17.96 per share
    • Total Gain € 7.53 per share : Total Gain € 8139.93 or € 7944.33 after comission etc.
    • shares transfered to joint names with my wife before sale
    • comission etc paid on sale of €195.60
I think capital gains @30 % due on gain

= € 7944.33
- joint allowance € 2540
= CGT 30% of € 5404.33
= CGT € 1621.29 due before 30th Sept this year

Also I think there were changes in Budget 2011 making a liability due for USC & PRSI, thinking 11% in total of gain ?? not sure when due ??

Is Capital Gains calculation above along correct lines?
What is the story with USC & PRSI & when or how to pay ?


Would appreciate any help.
 
Did you get an answer to this? If so can you send me the details. I have the same problem.
 
I do not believe PRSI & USC are payable on capital gains. PRSI and USC are "income" taxes. Capital gains are liable to CGT @ 30%, the first €1,270 of all gains in a year being exempt.
 
Not allowed post URL but....

Revenue website is useful, second form down.

"revenue.ie/en/tax/cgt/forms/index.html"
 
You mention joint allowance - Share certs need to be in joint names to qualify - Revenue used to be flexible on this but have been more strict in recent years
 
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