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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, I am from the Republic of Ireland but now living and working

Resolved Question:

, I am from the Republic of Ireland but now living and working in the UK (Scotland), working as a civil servant. However in October 2014 I opened a share dealing account (with iWeb) and purchased shares traded on the NYSE to the value of £300. The dividend has not been claimed - the share dealing company just hold it in the account. Do I need to complete an self assessment with the British revenue by January 21st 2014? If it helps I generated no income in Ireland in 2014- my tax affairs in Ireland are fully up to date.
Your Help would be much appreciated.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
and welcome to the site. Thank you question.

As your share acquisition is in the tax year 2014/15, you don't have to report anything in the tax year 2013-14 due by 31 Jan 2015.

It is an event in a tax year 2014-15. Having said that, you would only report any dividends paid between 6 Apr 2014 and 5 Apr 2015 and/or any gains/losses on sale of shares between these dates. Acquisition of shares is not reported.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

That's great, I had a look at my share dealing account - apparently I received a dividend of £1.15 on 29/12/2014. This is being held in the share dealing account . Not a huge sum but does this still need to be reported?

Expert:  taxadvisor.uk replied 2 years ago.
David, thank you reply.

This will have to be reported in current tax year's return that will be issued after 6 Apr 2015.

I thank you my answer.

Best wishes.
Customer: replied 2 years ago.

Thanks very much speedy reply.

Based on the information I have provided you, I take it that I do not need to do any reporting of this (the £1.15) before Jan 31st 2015? Instead it would fall into the period after that i.e there is no panic to have this done in a few days?

Many Thanks,

David

Expert:  taxadvisor.uk replied 2 years ago.
David, thank you reply.

If you had received this dividend during the period 6 Apr 2013 to 5 Apr 2014, then you have to report it in your Tax Return 2014 (covering tax year ended 5 Apr 2014).

This shouldl be reported in your Tax Return 2015 (covering tax year ending 5 Apr 2015).

In the meantime, just relax.

Best wishes.

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