Anglo compensation

NEDDURC

At the time Anglo was nationalised the government said they would set up a body to look into how much if anything they should pay the shareholders for the shares. Has this been finalised yet, if not is there any date when they are due to report? Is there any chance that they will pay something to the shareholders?

McTigs

Given the fact that Anglo is a far bigger mess and is gonna cost the tax payer far more than was initially thought at the time of nationalisation (and they thought it was pretty bad then) the shareholders ought to get nothing.

I feel for those who were ill advised, especially retired folk but....... it really isn't the taxpayers job to compensate investors who lose out when the value of a share collapses.

MrMatisse

I dont think there will be any compensation. The thing was a dead duck. Nobody would have touched it. The market might have said the thing had a value but the people holding those shares didnt know the full story and many bought them simply because 'one share is less than the price of a mars bar, sure its worth more than that'. I dont think it should be the taxpayer your looking for compensation from........

NEDDURC

I fully understand that the chances of any compensation being paid now are pretty slim but the follow on question from this is how is this event treated for CGT purposes. Did the loss happen on the date of nationalisation or do you wait of Assessor to decide on compensation for the loss to be completed? I believe for CGT you have to declare any losses aswell as gains so losses can be used to offset future gains - does anyone have any expertise on this?

Onikage

On the date of nationalisation the Minister of Finance took ownership of your shares. I don't see any exemptions against declaring this as a disposal: http://www.finance.gov.ie/viewdoc.asp?DocID=1464

But if you want an expert opinion... here is not the place to ask.