This article explores the challenges faced by investors when attempting to calculate capital gains and losses on long-held share investments. The author uses a personal anecdote about attempting to sell Bank of Ireland shares purchased decades ago, highlighting the difficulties in retrieving purchase records for older transactions. It emphasizes the importance of meticulous record-keeping for investors and explains how Revenue applies the FIFO (First In, First Out) rule when calculating capital gains and losses.
The author shares a personal experience of trying to calculate capital losses on Bank of Ireland shares purchased decades ago. Facing the challenge of missing purchase records for older transactions, they emphasize the importance of meticulous record-keeping for investors. The author explains that Revenue assumes the first shares sold are the first purchased, adhering to the FIFO (First In, First Out) rule.
This means individuals selling shares after holding them for extended periods may need to account for capital losses on their earliest purchases, even if they have records for more recent transactions. The author highlights the difficulties in retrieving past share purchase details from defunct stockbrokers or even the company's current share registrar, Computershare. They suggest using historical price records from newspapers like The Irish Times to estimate the value of older shares. The author concludes by reiterating the importance of maintaining thorough documentation of share purchases, emphasizing that even seemingly insignificant details can become crucial when calculating capital gains or losses
CAPITAL GAINS TAX SHARE INVESTMENTS RECORD KEEPING FIFO RULE BANK OF IRELAND
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RTÉ in danger of losing rights to League of Ireland games this seasonThe latest sports news from The42.ie in 60 seconds
Read more »
Katie Price sparks split rumours with cryptic post about 'losing herself'Katie Price has sparked speculation that she has split from her boyfriend, JJ Slater, after the pair spent Christmas Day apart - with Katie sharing an emotional Instagram quote
Read more »
Judge criticises 'millionaire' legal costs and says losing litigants should be told lawyers’ hourly ratesA judge in Ireland has criticized the high legal costs in cases, saying they are reaching 'millionaire levels' and that losing parties should be informed of lawyers' hourly rates. The judge made these remarks while ordering a developer to pay €501,000 as security for the legal costs of the opposing parties in a planning dispute. He highlighted the disconnect between the requirement for 'reasonable' costs under the 2015 Legal Services Regulation Act and the reality of costs being determined at exorbitant levels.
Read more »
Amorim is playing a losing game at United - the age of the ideologue is endingUnited appointing a coach so wedded to a specific approach is proving to be a very risky strategy.
Read more »
Robbie Keane reacts to losing start with Ferencvaros, pinpoints problem areaFormer Ireland striker Robbie Keane’s new Hungarian side Ferencvaros lost to Eintracht Frankfurt in the Europa League.
Read more »
Man Assaulted Twice in Belfast After Losing ConsciousnessA man in Belfast was viciously assaulted twice in a single evening. The first attack left him unconscious, but he was attacked again after regaining consciousness. Police are appealing for witnesses and information.
Read more »