cgt on sale of shares profit/loss

viztopia

i have sold shares in Janyary 2008 and made a profit and paid the cgt. i have also sold shares in December 2008 and made a loss. as far as i can see these are two different periods and i will not be able to offset the loss. I have looked on teh Revenue.ie website and i cant see anything on this. has anyone else come accross this?

TaxingTimes

As the transactions took place in the same tax year, you can set the loss against the gains.

Mr. Incognito

shares operate on the FIFO rule- first in first out- if these are the only share transactions they can be offset-

zinfandel

Can you claim on the losses from Anglo shares against the gains made on other shares?

namenotavailablE

Yes- you can offset those losses so long as they aren't subject to the 'bed and breakfast' rules ie you artificially created the loss by buying & selling (or vice versa) the shares within a short period.

My understanding is that you could even offset the loss against the gains on any other investments except for gains on the sale of development land (assuming that it's possible to actually make a gain on the sale of development land!)

zinfandel

namenotavailabl wrote: »

Yes- you can offset those losses so long as they aren't subject to the 'bed and breakfast' rules ie you artificially created the loss by buying & selling (or vice versa) the shares within a short period.

My understanding is that you could even offset the loss against the gains on any other investments except for gains on the sale of development land (assuming that it's possible to actually make a gain on the sale of development land!)

Thanks for that..

Bobby1984

Just to let you know if you held any Anglo shares at the date it was nationalised then you can claim a credit against any tax payable for 2008. This will be of importance for the upcoming tax returns and it would be advisable to notify your accountant of this.

newtogame

As I held anglo shares when they were nationalised can I get a rebate of the loss from paye or just use as a capital loss?I thought they had to put a value on the shares(notional)to assess the loss and this hadnt been done yet.Thanks

dranreb66

Revenue have advised that owners of Anglo shares at the date of nationalisation - January 2009, can make a negligible value claim on these shares and therefore deem there to have been a disposal of these shares for nil consideration. Therefore the total cost of the shares to the individual can be used in the future against capital gains only.
If there is ever a payout of a nominal amount for these shares a further disposal will then take place where the total amount received will be chargeable to CGT with no base cost.
Alternatively the holders of Anglo shares can do nothing for now and calculate any CGT in the normal way when any nominal amount is paid out to shareholders in the future.

NEDDURC

Sorry to go back to such an old thread but I am looking to sell some shares at the moment at a gain. I owned some Anglo shares when they were nationalised. Can this loss still be carried forward? I never applied for the loss at the time though.

Any advice would be appreciated.

Mr. Incognito

NEDDURC wrote: »

Sorry to go back to such an old thread but I am looking to sell some shares at the moment at a gain. I owned some Anglo shares when they were nationalised. Can this loss still be carried forward? I never applied for the loss at the time though.

Any advice would be appreciated.

You cannot take the benefit of any losses until the loss is crystalised on the shares being sold so unless you sold the Anglo shares you can't take the benefit of any reduction.

However as they were nationalised this crystalises the loss of the shares as they are disposed of. You can carry forward this loss to be set off against the gain.

Further info at www.revenue.ie just put shares into the search box or cgt