Shares sell/buy back - rules for CGT loss offset?

U

Ursus

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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.
 
Not 100% sure. I think you used to be able to do that but I think revenue closed that bed and breakfast loophole a couple of years ago. I don't think you are entitled to use the loss to offset against capital gains for anything other than those shares. I think they introduced a 4 week rule like in the States. So basically I think you are right!
 
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