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Stock option questions - sold years ago, what to do now?!

jugovic · 2009-10-22 19:57:44

Hi all, I have some some questions with regard to stock options that I sold a few years ago but unfortunately have not paid any tax on them (believe that to be Relevant tax on a Share option?). Stupid of me to wait until now but want to sort it out now even though the revenue has not chased me yet. Details are below. I…

22-10-2009 7:57pm

#1

jugovic

Registered Users, Registered Users 2 Posts: 27 ✭

Join Date: September 2009

Posts: 13

Hi all,

I have some some questions with regard to stock options that I sold a few years ago but unfortunately have not paid any tax on them (believe that to be Relevant tax on a Share option?). Stupid of me to wait until now but want to sort it out now even though the revenue has not chased me yet.

Details are below. I exercised the stock options and sold them on the same trade in all cases.
The first two were with e*trade:
11/2005 : net profit 1500 Dollars
02/2006 : net profit 2000 Dollars
The next two are with fidelity:
03/2007 : net profit 1000 Dollars
03/2007 : net profit 1000 Dollars

FYI I left the money in each of the accounts and not transferred to my irish bank account (BOI).

So what to do!? I'm will be talking to an accountant regarding this and declaring some rental income but would like some feedback if possible from members of this board

1. What tax is due on the shares? (believe to be higher rate of tax on each individual year).
2. Presume tax payment is based on exhange rate at that time?
3. Will I have to pay some interest penalty for late payment (I believe could be 0.0322% / day)? If so, is that interest on the profit?
4. If I have to pay interest, can I plead my case in any way? (such as I left the money in e*trade / fidelity and not brought to my irish a/c or that I have come forward to pay myself without being forced or even plead stupidity!).

Any feedback here would be very much appreciated.

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