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Covering all options with CGT

  • 02-09-2008 3:06pm
    #1
    adie1988
    Registered Users, Registered Users 2 Posts: 36 ✭


    So, I realise now that I have to pay CGT on some shares that were sold of mine last year. I need to organise myself an accountant but that shouldn't be too much trouble.

    The new problem is, I can't find any infor about when the shares were bought and how much my Dad paid for them. I know it's around 20 years ago but that's it. I've rang round all the stockbrockers he used in the past but they don't have any info on me atall.

    My Dad is being useless as ever and is just burying his head in the sand about it and I can't ask him incase it causes some emotional distress for him and the rest of the family.

    Is there any way I can pay this tax without this information? I mean it seems to be only in my interest to know it, as I wouldn't have to pay that much tax.

    Could I pay to not know it?

    Someone - help!


Comments

  • #2
    Fiachra2
    Registered Users, Registered Users 2 Posts: 594 ✭✭✭Fiachra2


    Its not an entirely unusual situation with very old stocks. There ought to be some historic data about what the price of those shares were approximatley 20 years ago. (Some of the other posters on this site should know but if not ask a stockbroker). You can then use that price as your original cost. dont worry about it not being exact. The Revenue wont hang you! The original price is then indexed upward for each year you own them and the resulting figure is your purchase price. Dont forget you have a threshold of about 2K of capital gain you can make each year before paying any tax.


  • #3
    Genco
    Closed Accounts Posts: 156 ✭✭Genco


    Try calling Computershare who act as Share Reg. for Elan. They may be able to point you in the right direction as to when the holding came on record.

    They may be able to trace back to when the shareholding first appeared on their records assuming you can provide them with the details of the name the shares were held in and the relevant address.

    Since their computer system wont go back any further than when they took over from AIB Share Reg etc they may have to trawl through manual/microfiche records. If you persist and dont let them fob you off you may get the answer you are looking for although they may charge you some kind of admin fee.

    You really need to consider reverting to revenue to stop the clock on any potential interest/penalties. BTW if the original investment was significant they may ask how it was funded. You could buy a decent 3 bed semi in Dublin for 50k back in the early 90s :eek:


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