Right Winger
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Older posters might remember the oil mania that gripped Ireland back in the 1980s. The Kinsale gas field was in its prime and the Celtic Sea was going to be the new Gulf. Tony O'Reilly had founded Atlantic Resources and they had struck oil! A bottle of the black gold was duly exhibited on RTE - the excitement was massive! Ireland was going to be as rich as Saudi, with more moderate weather. And better still, everyone could join in and buy shares. It was a guaranteed winner, what could possibly go wrong? The share price was soaring by the day.
Being young and without responsibilities, my student level spending skills hadn't yet caught up with my newfound graduate earning ability, so I was fairly flush with money. A thousand pounds was duly invested, and I sat back to await my oil sheikh bonanza. All went well initially and soon my holding was worth £1500. And then it wasn't. Slowly at first, and then more rapidly, my holding dropped in value until eventually it was worth about a tenner or so. Rights issues, restructuring and recapitalisation followed and at some point Atlantic Resources ceased to exist, was sold off and I was issued some shares in Providence Resources. Which were worth a pittance. I vaguely remember a letter saying that I would no longer automatically get shareholder correspondence but could register to continue receiving it if I wished. I didn't. As far as I know, I am still the proud owner of a very small shareholding in Providence, probably worth a Euro or thereabouts.
So the following questions occur to me:
1. Can I "cash in" these shares, incur a capital loss and offset it against an expected capital gain this year.
2. If yes to Q1, does the loss have to be offset at the first opportunity, or can it be carried forward to a later year.
3. What are the mechanics of cashing in? I have no share certificate, no correspondence, (all discarded over the years) and my then address no longer exists.
Any thoughts appreciated!
Being young and without responsibilities, my student level spending skills hadn't yet caught up with my newfound graduate earning ability, so I was fairly flush with money. A thousand pounds was duly invested, and I sat back to await my oil sheikh bonanza. All went well initially and soon my holding was worth £1500. And then it wasn't. Slowly at first, and then more rapidly, my holding dropped in value until eventually it was worth about a tenner or so. Rights issues, restructuring and recapitalisation followed and at some point Atlantic Resources ceased to exist, was sold off and I was issued some shares in Providence Resources. Which were worth a pittance. I vaguely remember a letter saying that I would no longer automatically get shareholder correspondence but could register to continue receiving it if I wished. I didn't. As far as I know, I am still the proud owner of a very small shareholding in Providence, probably worth a Euro or thereabouts.
So the following questions occur to me:
1. Can I "cash in" these shares, incur a capital loss and offset it against an expected capital gain this year.
2. If yes to Q1, does the loss have to be offset at the first opportunity, or can it be carried forward to a later year.
3. What are the mechanics of cashing in? I have no share certificate, no correspondence, (all discarded over the years) and my then address no longer exists.
Any thoughts appreciated!