fa and all that
Does anyone know the 'exact' wording of the capital gains tax rules regarding the exemption. For instance if its written in the rules that the 'first' €1270 is exempt from tax then they cannot put eircom losses in first.I am referring to the smaller payout by first active in 2003 in which the society went to great pains to try and get this payment tax free for their shareholders . They issued extra shares and then bought these shares back in order to try and ease the tax liability on shareholders.And the revenue agreed with this approach . With the attitute the Revenue are taking it would have been easier for FA to just declare a larger dividend and let us pay tax on that without all the ho-ha. To my mind it really is a case of chasing the small man for everything ie most people are not being allowed eircom losses because according to the revenue they have already used them up, but in the case of big punters who might lose thousands on a sinking ship they can claim away knowing that they revenue will allow such losses. and as for that non resident thingy earlier this year when they effectively back dated the rules to suit themselves, Imagine a garda viewing a cctv and spotting two or three parked cars overstaying their allowed time or even parking illegally. Can you imagine the uproar there would be if the gardai issued parking tickets to those drivers two or three weeks later on the bases that they were caught on tv? or maybe a photograph in a newspaper showing a car parked on yellow lines. effectively the revenue backdated the rules.Its petty mindedness to say the least that they are employing such tactics re the eircom losses.