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Irish Permanent shares

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  • 30-11-2004 2:17pm
    #1
    FX Meister
    Closed Accounts Posts: 5,217 ✭✭✭


    I have a number of shares in Irish Permanent which I now intend to cash in. I've been told that I have to sell them through Davies stockbrokers. This will cost me a transaction fee of €100. Has anyone here sold theirs another way or know if it can be done so I don't have to pay as much.


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    #2
    okidoki987
    Registered Users Posts: 10,622 ✭✭✭✭okidoki987


    have to sell them through Davy's?
    Are they registered in your name and do you have the share cert?
    Have you an account with another stockbroker?


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    #3
    FX Meister
    Closed Accounts Posts: 5,217 ✭✭✭FX Meister


    As far as I've been told I have to sell them through Davies, They are in my name and I have the certs for them. I don't have a stockbroker, any other share I have are on the Nasdaq and I buy and sell them using an online broker, E Trade


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    #4
    okidoki987
    Registered Users Posts: 10,622 ✭✭✭✭okidoki987


    there's no reason why you can only sell them through Davy's.
    Who told you this or is it because Davy's are on the back of the share cert as the brokers for the original issue if my memory serves me correctly?
    You can sell shares through any stockbroker, the cheapest is the crowd in Kerry (Fexco).
    Under the money laundering regs nowadays, you may have to send a copy of a Utility bill and Passport/Driving licence to them before they will sell the shares but give them a call.


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    #5
    FX Meister
    Closed Accounts Posts: 5,217 ✭✭✭FX Meister


    I rang Irish Permanent who put me in touch with a stockbroker who then told me that Davies handles them now. I'll give that other crowd a call, thanks. Another quick question though, will I have to pay tax on the money I recieve from these shares? If so is it just up to me to declare them?


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    #6
    nahdoic
    Registered Users Posts: 944 ✭✭✭nahdoic


    You'll have to pay capital gains at 20% - but you have an allowance of over a grand each year. So depends how much you are selling.


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    #7
    FX Meister
    Closed Accounts Posts: 5,217 ✭✭✭FX Meister


    Cheers for all the info guys. One more thing though, if I happen to forget to tell the revenue commsisioner I sold my shares will he find out? I presume he will but does anyone know?


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    #8
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    FX Meister wrote:
    Cheers for all the info guys. One more thing though, if I happen to forget to tell the revenue commsisioner I sold my shares will he find out? I presume he will but does anyone know?
    Why? Do you reckon it is morally acceptable to evade your taxes if you aren't going to get caught?


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    #9
    FX Meister
    Closed Accounts Posts: 5,217 ✭✭✭FX Meister


    Well if I can get away without paying a small amout of it while I'm quite stretched I will. I've already paid over €40,000 in tax this year and my finances are quite tight at the moment. If not paying a little tax on some shares that were gifted to me will help me get by then I have no problem doing it this time.


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    #10
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    FX Meister wrote:
    Well if I can get away without paying a small amout of it while I'm quite stretched I will. I've already paid over €40,000 in tax this year and my finances are quite tight at the moment.
    Were you going for the sympathy vote with the 'quite stretched' comment? If so, you kinda spoilt it by mentioning your €40k tax bill.

    Let's be clear. Your CGT liability is 20% of the gain that you made (over & above your personal annual CGT allowance of €1270) , so it's not going to break the bank. Things are 'quite tight' for many of us, but that doesn't justify breaking the law to evade your taxes.
    FX Meister wrote:
    If not paying a little tax on some shares that were gifted to me will help me get by then I have no problem doing it this time.
    If you have already paid €40k in tax this year, you are doing a lot better than 'getting by'. Where do you draw the line on tax evasion? Is it OK to evade €500 of tax? Or €500k of tax? Your ethical positioning is interesting - things are 'quite tight' for me this year, so you don't have any problem if I break into your house and steal your DVD player - right? It is OK to break the law once I have a good reason, like being 'quite tight' - Yeah?

    Personally, I hope that Revenue leave it for quite a few years to chase this up. That way, your bill will include interest (at fairly punitive rates) plus heavy penalties, plus possible publication of your name. You might be 'quite tight' in the year that the Revenue bill finally arrives. Oh and don't forget to check out any possible Gift Tax liability also.


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    #11
    Victor
    Registered Users Posts: 78,371 ✭✭✭✭Victor


    FX Meister wrote:
    One more thing though, if I happen to forget to tell the revenue commsisioner I sold my shares will he find out?
    Yes they will. There is the slight matter of (a) the stamp duty (b) the share register. I'm not sure how much information this will give them on you, but it's most certainly not an unrecorded transaction. Go sell some more shares to pay the tax bill.


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