I am considering selling/reducing shares in a number of companies I own in order to diversify. Heavy losses in AIB and total loss on Mc Inerneys. While my understanding is I can off set losses in AIB and claim my yearly tax allowance. Can I off set losses on Mc Inerney shares purchased way back in 2007 and who no longer exist? Thanks in advance.
How to minimise tax on winning shares
- Thread starter KOW
- Start date
Brendan Burgess
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Hi DCD
You can claim actual losses such as those on AIB forward for as many years as you like.
If you sold the McInerney shares you can claim the losses forward. If they just became of negligible value, you were supposed to claim the losses in the year in which they became worthless.
https://www.askaboutmoney.com/threads/getting-cgt-loss-relief-on-worthless-shares.7306/#post-1219538
It might be worth claiming it on your tax return, but notify Revenue what you are doing.
I wonder if there is anything to stop you selling your McInerney shares today to a friend for €1? And so the loss would be in this tax year.
Brendan
You can claim actual losses such as those on AIB forward for as many years as you like.
If you sold the McInerney shares you can claim the losses forward. If they just became of negligible value, you were supposed to claim the losses in the year in which they became worthless.
https://www.askaboutmoney.com/threads/getting-cgt-loss-relief-on-worthless-shares.7306/#post-1219538
It might be worth claiming it on your tax return, but notify Revenue what you are doing.
I wonder if there is anything to stop you selling your McInerney shares today to a friend for €1? And so the loss would be in this tax year.
Brendan