Income tax on dividends

radioactiveman

Hi
I have just found out that you have to pay income tax on dividends. I just never thought about it since the dividends are reinvested, and I have never sold any of the shares (it's a company thing) - so I haven't actually cashed anything in.
The total is 60 euros, so my total liability to revenue I think is about 15 euros possibly from the years 2005, 2006 and 2007 (2008 I can still report until October I think).
Could I get done for this? How serious is it?

Idu

If you dont cash it out then I dont think its taxable - open to correction though

Berti Vogts

A dividend is taxable whether it's cashed in or re-invested. Income is income regardless of what you do with it.

By the way, most dividends come with 20% tax already deducted so check your figures.

There's a new taxation forum where you may get more information.

radioactiveman

How do you make a tax return for years before 2008? The forms don't seem to be on the revenue.ie site..

Berti Vogts

I'd give them a ring to see what they want. They might just tell you to put it all on the 08 return since the amounts involved are small.

Get balancing statements for all the years involved as well and check that you've claimed relief for any medical expenses. You might find out that they owe you money!

radioactiveman

Well it was an honest mistake first of all, and also it's just for 15 euros so hopefully they will let me return it with the 2008 returns....
Actually I'm probably due 15 euros for bin tag rebates:)