Capital loss for foreign property never owned?

[Capricorn 1]

I paid monies for a foreign property where the developer absconded with the funds. The matter was subject to group court proceedings for myself and approx. 250 others. The case was unsuccessfull and the solcitor has advised that we will not get our money back. I never owned the property, but have a sales contract and receipts for payments made. Can I register this as a capital loss?
Any advice on this matter would be greatly appreciated.

 

[mandelbrot]

My initial reaction is that unfortunately I think not.

In order to have realised a loss you'd have to have had an interest in an asset, and from what you're saying it doesn't look like you did.

I haven't considered it in any detail though, so I'd be interested to hear what other posters think...

 

[Capricorn 1]

Thanks for your reply. I phoned Revenue and got through to a phone bank. They were unable to answer my query. I'll send an email to the Revenue Commissioners with my query.