lukeskywalker
Registered User
- Messages
- 54
Did you ring some Revenue phoneline?Ok got onto Revenue, Basically they don't accept that its a complete loss despite 100:1 dilution and €4 value. Is there an Irish stockbroker that will let me sell these AIM paper cert form shares so that I can register capital loss?
Nicely done.What you can possibly do if you have say a deigro or similar online account, buy same amount of shares that you hold, wait 28 days so not seen to be share trading, sell them or the amount your previously held, as sales of similar shares are on a fifo vases, meaning yhe original cost is what's used when comparing to sales proceeds, and the residual you have is valued at recent purchase price.
There will be small fees involved on the buy/sell, but a lot less than trying to open a share trading account with a broker, transfer physical shares to digital and then sell them.
The certs you have left should relate to your later purchase and you can then gift them to a charity, but that doesn't generate any gain or loss.
That's my understanding of how to over come shares with nil value where you have physical certs and you want to sell them.
IMHO it's unlikely that an Inspector would be that pernickety. If they quadruple in value you'll have the princely sum of €40.Thank you everyone. It was a myaccount query to Revenue. Their argument is that they could go up again in value........
But sure that’s covered off with negligible value claims!Thank you everyone. It was a myaccount query to Revenue. Their argument is that they could go up again in value........ Cloughy, that is a very complex but very clever idea. So how it works is I buy X shares 15 years ago for €3000 now worth €10. I buy and sell X shares now more than 28 days apart for about €10. So under FIFO, Revenue consider this a purchase of €3000 and a sale of €10 with an allowable capital loss of €2990?
I never actually sold the shares so in effect I have never actually made any loss. Must I actually sell them to offset my losses? Most of these companies such as Waterford Wedgewood and the others don't exist any more....so there is no market to sell them to?If you mean that you effectively lost £50k then you could potentially write that off against future capital gains.
Did you read the thread from the start?I never actually sold the shares so in effect I have never actually made any loss. Must I actually sell them to offset my losses? Most of these companies such as Waterford Wedgewood and the others don't exist any more....so there is no market to sell them to?
Maybe research when they stopped trading, Bradford and Bingley became a bank AFAIK, Waterford must have had a value on liquidation, the brand was bought, Marconi must have been gobbled up by someone, memory cable and wireless UK and At&T in the US.....I have a folder with many of the 1980 oil companies share certs, now worthless just sitting there.....not forgetting Waterford Glass, Cattles, Bradford & Bingley, Marconi....I treat it as my folder of failures. Over £50k in value........
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