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SELLING QUOTA AND CGT

  • 18-04-2014 1:33pm
    #1
    keep going
    Closed Accounts Posts: 3,551 ✭✭✭


    A person who sells their quota has to pay CGT so why is not possible to claim losses on quota you bought that has been abolished.eg if you had spent 10000 on quota its now worthless so can allow for that loss against other gains for example if you sold your entitlements. Any opinions.edit I know you will have to realise those losses but thats easy to do isnt


Comments

  • #2
    KCTK
    Registered Users, Registered Users 2 Posts: 378 ✭✭KCTK


    keep going wrote: »
    A person who sells their quota has to pay CGT so why is not possible to claim losses on quota you bought that has been abolished.eg if you had spent 10000 on quota its now worthless so can allow for that loss against other gains for example if you sold your entitlements. Any opinions.edit I know you will have to realise those losses but thats easy to do isnt

    As previously mentioned milk quota is treated as a capital asset from a tax perspective and it's cost written down through capital allowance same as if it was say a new slatted shed. If say you purchased quota 2 years ago it will not be fully written down when quotas go next year, residual value should then be treated as a balancing allowance for your 2015 tax year thus getting the tax benefit of quota having a nil value at that stage.


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