Loss on Shares & D.I.R.T

H

hungrynow

Guest
I was wondering if someone can help with this query.

If I sell shares at a loss, can I offset that loss against DIRT paid on savings?
If so, what do I need to do?

Thanks in advance.
 
Your sale of shares is subject to Capital Gains Tax. A CGT loss can only be set against a CGT Gain.
The DIRT that you have paid is on Deposit Interest which is subject to Income Tax. People under the age of 65 are not entitled to a refund of DIRT even if they have no liability to tax.
 
Thanks for Replies.

Joe_90, I'm a bit confused, to quote you "The DIRT that you have paid is on Deposit Interest which is subject to Income Tax". Is it true that once DIRT is paid on deposit interest that the same deposit interest is not liable to any other tax?
 
Deposit Interest Retention Tax (DIRT) is a withholding tax it is not a tax in itself.
Deposit Interest is Subject to Income Tax under Schedule D Case IV.
It is different to other sources of income in that it is subject to tax at 20% 23% or 25% depending on when it was received.
 
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