CGT losses on shares received under staff profit sharing scheme

[circularrd]

Retired now, ex bank employee. Over the years I received bank shares issued under a revenue approved staff profit-share scheme at no cost. Also the value of these shares was set according to an approved formula for use in the event of selling later at a profit. They are of course now valueless.

Am I correct in assuming that since they were free shares, I cannot claim any losses (for CGT purposes) or might it be possible to use the agreed values as a cost price. A long shot I think but I'd appreciate any advices.

 

[rob oyle]

Just to be clear, this wasn't an approved profit share scheme whereby you could opt for shares in place of a cash sum and thereby avoid income tax? I know this was the situation in AIB and BOI.

 

[circularrd]

Thanks for replying and it's AIB by the way. As far as I can recall, there wasn't an option to receive these shares in place of cash. There was a salary sacrifice type scheme and also a dividend re-investment scheme where you could opt for shares instead of cash. You may be referring to the latter one. The ones I mention were not part of either scheme.