Share losses set against CGT?

A

acannydoitji

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I have a CGT liability from a property sale and was wondering if I can off-set losses from share investments that have not come off. Specifically I invested in a friends company some years back that has come to nought. Is the investment in the company allowable against my CGT liability from the property sale?? Any advice would be welcome.
 
Yes - you can do this. Normally you have to crystallise the loss by disposing of the shares at a loss but where the shares were not disposed of but are now worthless then you may still be able to do this:

Getting CGT loss relief on unsold shares

If your money remains invested with some change of recovering it then you have just made a paper loss and this cannot be used to reduce your CGT bill.

Get independent, professional advice on preparing your CGT return if necessary.
 
The key point here is that you must make a claim in this tax year that the value of the shares is nil if you want to claim it against gains realised this year. So write to the Revenue now claiming the loss.

Brendan
 
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