Completing Form 11 and declaring shares

kingtut · 08-11-2022 7:09pm #1

First of all I am clueless when it comes to the tax side of things and this is my first time being asked to fill in a form 11.

I signed up to ROS and from what I can work out I just need to declare my 'capital gains' (as I sold shares and made a gain). No clue how to work out the total amount or where to put it though?

For example let's say I sold shares on two occasions last year -

A) - Made €1000 profit from shares, sent revenue (through MyAccount) 52% which is €520

B) - Made €2000 profit from shares, sent revenue (through MyAccount) 52% which is €1040

That is a total payment to revenue last year of €1560. Does this mean I just have to enter €1560 into one of the fields on ROS?

I see one field that says "Chargeable gains in the year (before deduction of S 604A and 604B relief)" ... is this the one?

I've attached a pdf of the Capital Gains page.

Thanks in advance

ctomas · 08-11-2022 7:18pm

Capital gains tax is 33% and the first gain of 1270euro is not taxed fyi

kingtut · 08-11-2022 7:24pm

https://www.boards.ie/discussion/comment/119850542#Comment_119850542

33%? When I asked colleagues in work they said you are required to pay 52% so does this mean that I have over paid? I gather revenue would pick this up and re-imburse me?

In example A I should have paid €330 rather than €520?

In the pdf I attached would you mind letting me know which field I should be putting my total gain in?

paul321123 · 08-11-2022 8:12pm

You only pay 33% capital gains tax on any profit you make from selling shares, your first 1270euro profit is not taxable as been said, I have a question, maybe someone can answer for me, if you do not make any profit do you still need to fill out a form 11, there is still a lot of confusion about this, any help with this would be great

ari101 · 08-11-2022 8:29pm

Are you talking about tax on vesting/exercise of share options in employment? In that case income tax rates may apply, but I'm not familiar with the return requirements on these.

If you sold shares you bought previously then CGT at 33% would be the right calc. If you have overpaid. You can get a refund when you file.

If it is a Capital Gain and not income, you should not have to register for ROS/file a form 11 unless you have other reasons to complete the full income tax return. Unless it has changed very recently, you can complete a CG1 Form and upload it as a pdf through your MyAccount as an attachment to an enquiry.

kingtut · 08-11-2022 10:05pm

https://www.boards.ie/discussion/comment/119850745#Comment_119850745

I found something online that shows that the total payment is 52% but the capital gains tax makes up 33% of this.

Regarding your own query as far as I know you do not need to pay if there is no profit (as in you didn't make a gain).

https://www.boards.ie/discussion/comment/119850809#Comment_119850809

Based on my understanding so far it is capital gain I have to pay (not sure why though when I already sent payment through MyAccount).

The reason I am using ROS is because the letter I receive says '2021 Income Tax Return' and that I have to file my form 11 and pay the tax due through ROS. I also rang them earlier and they said I got the letter because I sold shares. Really wish the website / forms were in clear English as I don't know what penalty I will face for doing something wrong.

relax carry on · 09-11-2022 12:22am

If you exercised and/or sold shares related to a share based scheme through your employment you should consult the documentation you received when you signed up to the scheme. There are multiple schemes each with different tax issues. You could also ask your company's payroll/he or whoever administers the scheme. Your posts are bit confusing as you are mixing up income tax and capital gains tax.

The link below explains more but you need to know what a scheme(s) you are in to figure out what to do.

https://www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/index.aspx

relax carry on · 09-11-2022 12:26am

https://www.boards.ie/discussion/comment/119850745#Comment_119850745

If you are PAYE only and not a chargeable person you don't file a form 11. It's a form CG1 you file as a PAYE only taxpayer with Capital gains/losses. You are required to file a CGT return even if your gains from the tax year don't breach you annual exemption amount of €1,270.

kingtut · 09-11-2022 2:22pm

https://www.boards.ie/discussion/comment/119851634#Comment_119851634

Just rang revenue again. I am PAYE only and not a chargeable person but they said that I have to complete a FORM 11.

Guy on the phone explained that I need to go to the "PAYE/BIK/Pensions (2) section, click on Share options and then fill in the following:

Share Options exercised, released or assigned in 2021

Enter total chargeable amount

Enter the amount of Relevant Tax on a Share Option (RTSO) paid

The above I can calculate based on my records (for example if I sold 1000 in shares then I previously paid 520 in RTSO).

Only issue that confused me slightly is that he said I sold shares on 6 occasions (paid RTSO each time) but only filled in the RTSO form the first time? Bit confused by that. He said all should balance out when I submit my figures though.

Thanks to everyone who replied so far! Learning a lot from all of you :)

relax carry on · 09-11-2022 8:49pm

https://www.boards.ie/discussion/comment/119853375#Comment_119853375

You really should have filled in an RTSO1 for each exercise of share options, submitted them and then paid the RTSO due. This is done within 30 days of exercising the options. Then once the tax year has ended, you need to file a form 11 as chargeable person filling in the section as outlined by the Revenue staffer. That's just dealing with the share gain for income tax purposes. If you have dividend income from the shares, that needs to be declared too. If you hold on the shares you exercised and later sold them for a gain you may also have CGT issues.

kingtut · 09-11-2022 10:18pm

https://www.boards.ie/discussion/comment/119854879#Comment_119854879

My work colleagues told me it was no longer necessary to complete an RTSO1 and that just paying online was sufficient, bad advice! I'll ensure to submit an RTSO1 every time in future. Fingers crossed that failing to do so last year (other than once) has no negative impact!

Thanks for such a clear and concise reply.

Completing Form 11 and declaring shares

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