Northern Rock - CGT Loss

O

OnDeBanks

Registered User
Messages
31
Hi,
I owned shares in Northern Rock, obviosly they've been nationalised by the British government. Can I consider this as a capital loss?
 
Not as such. The UK government has taken ownership of them. It's unlikely that I'll get any meaningful compensation for them.
 
see for info on CGT position for UK taxpayers. I imagine that the position for Irish residents would be broadly similar.

in summary, yue are considered to have disposed of them for 0 euros/£ and any future compensation will be liable to CGT on the full amount.
 
I also owned shares in NR at the time it was nationalised in Feb 2008. I have since disposed of other shares which I made a gain on and paid the CGT in January of this year but I never claimed the loss from NR so I am actually owed a refund from revenue! How do I go about claiming this now! Thanks for any help.
 
Complete a tax return (or an amended tax return if you have already submitted one), and send with a letter requesting refund.
 
You can make a negligible value claim without disposal. This creates a loss. If you later disoose of the shares the allowable cost is nil as you have had the benefit of the loss.
However, you can only use the loss against a current or future gain


John Conlon

conlonosullivan.ie
 
Domo said:
Complete a tax return (or an amended tax return if you have already submitted one), and send with a letter requesting refund.
Click to expand...

Just wondering does anybody know how long usually does the revenue take to issue a refund of overpaid CGT. I have done the above and sent in the relevant paperwork about 5 weeks ago - Am I being a bit impatient?!!:)
 
You must log in or register to reply here.
Back
Top