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Need to tidy up my holdings which were neglected - legacy of Eircom shares

  • 10-05-2017 10:37pm
    #1
    masculinist
    Closed Accounts Posts: 1,616 ✭✭✭


    I am currently holding Verizon and Vodafone shares. ( at the back of my mind is some nagging idea that I have some mail to give me money from one of the subsequent deals but I need to find that piece of paper. I have been terrible at managing these affairs. I wish I had just shoved the money into a mutual fund and forgotten about it .

    The holdings arose as a result of an original investment in Eircom at its flotation and have never been sold since.

    If I just sell the whole lot and walk away, is there any capital gains for someone whos held them since the beginning ? Is there really still a loss for the public who originally purchased them ?

    If theres still a loss then this should make things a whole lot easier if I issue instructions to a stockbroker to sell so I can walk away with the cash and no revenue looking over my shoulder.


Comments

  • #2
    wordofwarning
    Closed Accounts Posts: 697 ✭✭✭wordofwarning


    http://www.irishtimes.com/business/personal-finance/i-want-to-cash-in-eircom-shares-issued-in-1999-1.2666078

    It may not be worth your effort


  • #3
    masculinist
    Closed Accounts Posts: 1,616 ✭✭✭masculinist


    wordofwarning wrote: »
    http://www.irishtimes.com/business/personal-finance/i-want-to-cash-in-eircom-shares-issued-in-1999-1.2666078

    It may not be worth your effort

    Well in my case it's a few grand . The question is , was I so royally shafted that there's actually zero capital gains tax on any of it ? (Ignoring bonus shares and shares taken in lieu of dividends etc which won't exceed my annual cgt allowance )


  • #4
    wordofwarning
    Closed Accounts Posts: 697 ✭✭✭wordofwarning


    masculinist wrote: »
    Well in my case it's a few grand . The question is , was I so royally shafted that there's actually zero capital gains tax on any of it ? (Ignoring bonus shares and shares taken in lieu of dividends etc which won't exceed my annual cgt allowance )

    AFAIK there is no capital gains. If you google Irish Times and Eircom shares, this is an issue that comes up constantly ie CGT liability on them. Apparently they are considered a loss


  • #5
    masculinist
    Closed Accounts Posts: 1,616 ✭✭✭masculinist


    wordofwarning wrote: »
    AFAIK there is no capital gains. If you google Irish Times and Eircom shares, this is an issue that comes up constantly ie CGT liability on them. Apparently they are considered a loss

    Cheers. That gives rise to another nagging problem . I have standard life shares too ...which were "free ". They were worth over 5 grand last time I checked .

    So the question is how do I calculate the loss I can carry forward for each within share ....and maybe I can use it against Standard Life (who appear to be intending to merge with Aberdeen Asset management by the way so more upside )


  • #6
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,876 ✭✭✭The J Stands for Jay


    masculinist wrote: »
    Cheers. That gives rise to another nagging problem . I have standard life shares too ...which were "free ". They were worth over 5 grand last time I checked .

    So the question is how do I calculate the loss I can carry forward for each within share ....and maybe I can use it against Standard Life (who appear to be intending to merge with Aberdeen Asset management by the way so more upside )

    AFAIK the standard life merger won't affect you share holding; they're issuing new shares to replace the Aberdeen shares.


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  • #7
    masculinist
    Closed Accounts Posts: 1,616 ✭✭✭masculinist


    McGaggs wrote: »
    AFAIK the standard life merger won't affect you share holding; they're issuing new shares to replace the Aberdeen shares.

    Thanks. Good to know even though I hadnt been worried too much about that. These sort of events have tended to produce some choices when Ive been involved e.g tax efficient bonds and slow release of cash

    Specifically I was wondering about how much gains I can cash in from Standard Life tax free on the back of definite losses on the legacy investments remaining from Eircom


    Also because I dont seem to know this : May I ask,

    1) Can I carry a loss forward indefinitely ?

    2) When is the actual tax year for realising gains ? e.g there must be a specific cut off date in Irish tax law. And on one side of this date I have a cgt allowance and on the other side I have a new cgt allowance. Another way of asking would be , if I can realise my cgt allowance now , when can I realise the next one ?


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