Capital Loss on Shares

S

spss

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I made a substantial Capital Gain on a land sale in January 2005 and paid the CGT on this in September 2005. The balance I invested in Shares through a broker.........Aaaaagh!

These shares are now making a huge paper loss. If these were to be sold off making a huge capital loss is there any mechanism by which the CGT paid in 2005 could be claimed back from the Revenue?
 
No. Capital Losses may only be carried forward to future gains. There is no provision to carry losses backwards.
 
Why on earth would you sell shares now??

The markets will come back in time, unless you are a forced seller ignore your paper lost as it means nothing. With few exceptions shares are not a quick way of making money.

My advice.... Don't worry about CGT until your making a profit!!
 
Thanks Guys. Question answered in first reply. I don't need the money, just thought if I could sell and get the government to give me back money I could then buy again at the much lower price and would be quids in..... however in hindsight it seems obvious that this would not be allowed.
 
spss said:
Thanks Guys. Question answered in first reply. I don't need the money, just thought if I could sell and get the government to give me back money I could then buy again at the much lower price and would be quids in..... however in hindsight it seems obvious that this would not be allowed.
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There are also rules affecting the CGT treatement of acquisitions/disposals within a short period of time in case this ever becomes a real issue for you. Check the summary guides to CGT on the Revenue website.
 
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