Tax question on investment account

Hello,

I'm new to the forum and would like to ask a question in relation to taxation as I'm not a tax expert at all and hope someone can give me a bit of guidance

I'm thinking of opening a trading account with Davy Select or TDWatherhouse, (I have not decided yet) and buy some shares, no funds or ETFs, just shares (some Irish , some European and some US shares).

I know that if I make any profits I will have to pay capital gains etc. but I would like to know if I have to inform Revenue that I have opened a investment account and also, once I buy the shares, tell them what shares I bought..... or is it just enough to pay and file the return once I decide to sell the shares (if I make a profit of course) ?

Many thanks
Nuria

Two parts - you don't have to tell them you're setting an account up but any dividends you have must feed into your income tax calculation each year (since they won't be handled through PAYE) so it's not just a case of only declaring to Revenue when you've made a gain on sale.

Hi Rob,

Thanks a lot for the clarification, so no need to tell them when I open a new account and which shares I will buy, but if the shares pay a dividend I will have income tax and need to pay and declare that, then pay capital gain, if any, when I sell them.

Many thanks
Nuria

Is there an annual allowance before tax has to be paid on dividends?

No - other than the usual tax allowances