Anglo-Irish shares -- capital loss?

E

emily

Guest
Does anyone know whether you can claim a capital loss on Anglo Irish Bank shares which were acquired by the state last year? The state hasn't yet decided whether Anglo shareholders will receive any compensation for the shares, and the government has set up a commision to try to decide whether there should be compensation.

Given the extent of the losses that Anglo is experiencing, it seems certain that there will be no compensation. But as far as I know, the commision still hasn't reached a decision.

Can you use the Anglo loss to offset another capital gain? Does anyone know how the Revenue is treating this?

This same question was asked in the Irish Times a few months back, and the journalist who writes the column wasn't able to give an answer to the question.

Does anyone have some insight into this?

Thanks.

Emily.
 
When the loss is finally recognised (i.e. when the commission comes back and says x cent commission) that is when the loss will be recognised. If you have had a capital gain in 2008 then I would provisionally recognise the loss and set against the gain. However, on the return to Revenue point out an expression of doubt thereby ensuring that if the govt do give compensation there will be no penalties for you in relation to the gain.

I imagine they will have to sort this out fairly soon
 
My bad - sorry about that - didn't realise that had been issued.

Sorry
 
hi,

to carry forward the loss on anglo shares, does the return have to be submitted in 2009 or 2010? saw a article somewhere saying it should be returned this year but as it was nationalised in january 2009 should the loss not be included in the 2009 return which does not have to be in by oct 2010?

thanks
 

I would say 2009 for sure. I haven't included it in my 2008 form 11 return. It wouldn't make any sense to do so.
 
Note to mods ... I hope it is ok to dig this old thread up; I didn't see any reference to old threads in the posting guidelines. I will create a new thread if necessary.
Click to expand...

I haven't had any CGT gains or made any CGT returns since pre 2008. I bought some Anglo Irish shares around 2006 and had them in 2008. I understand, as noted by Nige above, that Revenue have stated that shareholders in Anglo may make a "negligible value" claim in relation to their shares in Anglo.

I never claimed this loss as allowed by Revenue. I have a CGT return to make for 2015 and am now wondering if it is too late for me now to make this claim now in respect of the Anglo Irish shares? Should I have claimed it in 2009 when Revenue recognised the negligible value?

I don't have a definitive paper record of the investment I made (and lost) as the UK broker I used (sharewatch I think) stopped trading. When I moved holdings to Goodbody, Anglo Irish wasn't moved as it was gone at that stage. Could this prove a problem for me in claiming (and proving) the loss if it is not now too late?

Thanks in advance.
 
Cheers. I'll have a rummage in the attic! Has anybody been able to get a record from anywhere to prove their holding? I did contact the UK regulator who took some records from Sharewatch, apparently, but hit a wall there. Goes to underline to be sure to keep a record of even the dead ducks.
 
Did you disclose the acquisition of the shares in your tax return (for the year in which you bought them)?

Did you ever get a dividend in respect of the shares?
 
No; I definitely didn't disclose acquisition.
I might have received a dividend and declared it with others. Don't think I gave a breakdown of the dividends. I'll have a look if I have detail of that at the time. Thanks again.
 
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