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question about Form 12 and how to fill it in ?

  • 03-09-2009 05:15PM
    #1
    mikedublin
    Registered Users, Registered Users 2 Posts: 360 ✭✭


    Hi. Anyone know about Form 12 (tax Return) ? During the year I got 1500 euros for some shares, so I have filled them in on Form 12 page 15 as Chargeable gains, but below it it says "personal exemption (max 1270 per spouse and not transferrable)".
    Does this mean the "net chargeable gain" is 230 ( i.e the 1500 I got minus the 1270 personal exemption) ? Or is the net chargable gain still 1500 ?

    thanks if anyone knows the answer to this question. cheers.


Comments

  • #2
    misspiggy40
    Users Awaiting Email Confirmation Posts: 277 ✭✭misspiggy40


    Hi Mikedublin. Did you make €1500 profit? Or was €1500 what you sold them for?

    If €1500 was your profit(chargeable gain) then you take the annual exemption of €1270 from this to give you your 'net chargeable gain' of €230.

    If €1500 was what you sold them for you can take their cost and fees off this to get your chargeable gain (ie your profit on the transaction)

    Sorry if I am stating the obvious.;)


  • #3
    mikedublin
    Registered Users, Registered Users 2 Posts: 360 ✭✭mikedublin


    thanks for the reply. what actually happened was the company (FBD Insurance) did something to their own shares (which I don't understand at all) but the end effect was I got 1500 euros.
    The document they sent said....
    "purchase proceeds payment of 1.50 per A ordinary share. This payment results from the purchase of the A ordinary shares at the nominal value of 1 cent per A ordinary share plus an additional payment of 1.49 per A ordinary share". [I have no idea what it meant LOL]


  • #4
    misspiggy40
    Users Awaiting Email Confirmation Posts: 277 ✭✭misspiggy40


    Hey Mike. Did they give you a new type of share as well as the money?? If not you are entitled to deduct the full cost of your 1000 shares from the €1500 before you take off the exemption amount to get your net chargeable gain. Slightly diff if they gave you other shares as well.


  • #5
    mikedublin
    Registered Users, Registered Users 2 Posts: 360 ✭✭mikedublin


    Hi. Thanks. No - I don't think I got any new shares, But I didn't have any costs associated with them either that I could deduct.
    I think FBD insurance just "diluted" their shares in some way.
    So hopefully the tax liability will be just 20 % of the 230 rather than the 1500. I'd already sent in a payment for more than that for CGT. so hopefully I won't owe any more.
    I also made a AVC to a pension plan which I am hoping will work in my favour. Thanks , Mike


  • #6
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    the 230 is def the highest taxable portion you will be treated on (as long as you didnt make a previous capital gain this year and used your annual exemption already)

    oh and the cgt rate has gone up to 25% and not 20% since the mini budget


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