Hello, Posted this in Investment Section but got no opinions...
If you sell shares at a loss and in the same phone call buy them back again -ie within minutes - am I right in saying that the loss generated can ONLY be offset for Capital Gains Tax against potential future gains of those same repurchased shares and NO other shares?
Am I right in saying it is not illegal to do this in the sense of breaking tax/Revenue rules?
Many thanks.
If you sell shares at a loss and in the same phone call buy them back again -ie within minutes - am I right in saying that the loss generated can ONLY be offset for Capital Gains Tax against potential future gains of those same repurchased shares and NO other shares?
Am I right in saying it is not illegal to do this in the sense of breaking tax/Revenue rules?
Many thanks.