However, if I sell shares in the Trading Account at a loss and buy the same shares in the PRSA account within 4 weeks does the 4 week rule apply namely that the loss can only be set off against gains made on those repurchased shares (which would be CGT exempt anyway)?
Or are the two accounts considered to be independent (because they are treated differently for CGT purposes) so that I can still set off the loss against other gains made in the Trading Account?
I see what you are getting at now. You can retain the loss for offset in your trading account. Not an expert but my sense is that you can effectively think of the accounts as separate. For example, you can trade away in the PRSA account and there are no tax implications. The reverse situation wouldn't make sense to me i.e. you sold at a loss in the PRSA account and you purchased in the trading account. It would be illogical for the four week rule to apply. However, I cant find any source that addresses your question directly. Why don't you shoot a query to Revenue directly?Is that loss in the Trading Account effectively ignored because of the immediate repurchase in the PRSA or can it still be applied to offset other gains in the Trading Account?
Have been in contact with Revenue but they have just quoted the guidance document which doesn't help so am pursuing that with them.
Have been in contact with Revenue but they have just quoted the guidance document which doesn't help so am pursuing that with them.
Are the potential capital gains significant enough for you to pursue it?
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