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Writing off a financial loss against CGT on profit from shares

  • 16-07-2011 9:24pm
    #1
    terencemc
    Registered Users, Registered Users 2 Posts: 543 ✭✭✭


    Hey Guys,
    Need your expertise on this. Some of my shares have done well over the last 5 years and some have been nationalised !

    I think it is but I'm looking for confirmation on this...If I sell my shares and make a profit now can i write off the loss against my liability for CGT?

    Here's hoping you can answer this !


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    http://www.revenue.ie/en/tax/cgt/leaflets/cgt2.html


  • #3
    NCG
    Registered Users, Registered Users 2 Posts: 80 ✭✭NCG


    Without giving specific advice, in general you can only offset a loss that has actually occurred - i.e. the asset has actually been disposed of. You might be able to avail of a "negligible value claim" where Revenue allow the "paper" loss but this might not be granted for all shares - for example it is allowed for Anglo Irish Bank shares, but you must still make a claim. If the figures are worthwhile, I would suggest you get professional advice.


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