Claiming a loss against shares in your tax return.
Discussion
I’m after some help from the tax gurus please.
I lost a chunk of cash when a company I had shares in went into administration earlier this year.
As I understand it, I should be able to put down that amount against my profit for tax purposes, and effectively reduce my tax bill by 40% of the loss amount.
I’ve fully read this page on .gov but it’s still unclear.
https://www.gov.uk/government/publications/negligi...
The shares were within my ISA at the time, should that have any bearing.
So complicated!
I lost a chunk of cash when a company I had shares in went into administration earlier this year.
As I understand it, I should be able to put down that amount against my profit for tax purposes, and effectively reduce my tax bill by 40% of the loss amount.
I’ve fully read this page on .gov but it’s still unclear.
https://www.gov.uk/government/publications/negligi...
The shares were within my ISA at the time, should that have any bearing.
So complicated!
Mr Noble said:
I’m after some help from the tax gurus please.
I lost a chunk of cash when a company I had shares in went into administration earlier this year.
As I understand it, I should be able to put down that amount against my profit for tax purposes, and effectively reduce my tax bill by 40% of the loss amount.
I’ve fully read this page on .gov but it’s still unclear.
https://www.gov.uk/government/publications/negligi...
The shares were within my ISA at the time, should that have any bearing.
So complicated!
Can I just check - you haven't been declaring the dividend income or profits from the sale of shares held in your ISA on your tax return, have you..? I lost a chunk of cash when a company I had shares in went into administration earlier this year.
As I understand it, I should be able to put down that amount against my profit for tax purposes, and effectively reduce my tax bill by 40% of the loss amount.
I’ve fully read this page on .gov but it’s still unclear.
https://www.gov.uk/government/publications/negligi...
The shares were within my ISA at the time, should that have any bearing.
So complicated!
Eric Mc said:
Eric, that’s the exact same link I posted in my OP. No mention of rules on whether it's different if in an ISA.
This HMRC link : https://www.gov.uk/capital-gains-tax/losses
Says losses are only reportable against 'chargeable 'assets' and the link to chargeable assets description, excludes ISA/PEPs
From that I'd say you can't claim losses for any shares inside an ISA.
Says losses are only reportable against 'chargeable 'assets' and the link to chargeable assets description, excludes ISA/PEPs
From that I'd say you can't claim losses for any shares inside an ISA.
Mr Noble said:
Eric Mc said:
Eric, that’s the exact same link I posted in my OP. No mention of rules on whether it's different if in an ISA.
ISA rules prescribe that any shares held in an ISA must be listed on a recognised stock exchange.
Therefore the relief that you highlight in your opening post is not available,
WindyCommon said:
Mr Noble said:
Eric Mc said:
Eric, that’s the exact same link I posted in my OP. No mention of rules on whether it's different if in an ISA.
ISA rules prescribe that any shares held in an ISA must be listed on a recognised stock exchange.
Therefore the relief that you highlight in your opening post is not available,
As an aside, a negligible value claim could be made as and when the conditions are met, but there'll be an actual disposal when the company is eventually put into liquidation. Therefore no need to rely on a NVC if the company is liquidated.
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