I have recently sold a commercial building and I have paid the CGT bill on the sale.
I would like to recoup some of the bill by offsetting the loss incurred on a few shares. The shares have been sold and netted about €5,000. Originally, they cost about €20,000.
Can I offset the €15,000 loss on the shares against the CGT bill, or only 20% of it?
Many thanks.
D.
Surely the answer is that you can offset 100% of the loss against the gain and the remainder (less any other allowances etc.) is taxed at 20%. This seems at odds with what you are saying...You offset the loss against the gain on commercial building (not the tax bill) so answer is "20% of it".
But you can carry a capital loss forward indefinitely - i.e. if the shares were sold a few years back and the property was sold this year then the loss on the former can be offset against a gain on the latter?This assumes the assets was sold in same tax year as CGT loss can't be carried back to previous tax year.
Can I offset the €15,000 loss on the shares against the CGT bill, or only 20% of it?
[broken link removed]31 December 2005: Capital losses arising on or before 31 December 2005 may be offset against gains arising in 2005. Unused capital losses may be carried forward, there is no provision to carry capital losses back. Therefore, if capital gains arise in 2005, it may be more advantageous to crystallise losses in 2005 rather than in 2006.
If, for example, I now deduct 20% of the €15k loss on the shares (i.e. €3k) from my CGT bill, then I'm still out of pocket to the tune of €12k. Right?
Any way I can recoup this?
The CGT calculations aren't there to refund the full amount on any losses.
Pity. ;-)
Only way to make the rest back is to make better share pruchases going forward!
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