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Thanks CP…. I had thought they were in my SIPP but after double checking, unfortunately not so I’ll off-load and move on. Good luck 🫡
Well one factor to consider for many people is that a non-listed company cannot be held in an ISA and is difficult in a normal, vanilla SIPP wrapper accessed through a retail Investment Platform(though some will accept non-listed companies at a cost). So typically you would have to sell to cash and re-purchase outside of the ISA wrapper or transfer the asset from a simple vanilla SIPP to a more complex one , again, typically at a cost.
Like most I imagine I’ve been invested in this company for many years and watched that investment dwindle to very little. Now with imminent de-listing and the company reverting back to private ownership I’m left wondering whether to cash out the measly sum left or just hang-in in the hope things improve. What’s the general consensus. Thanks
If you sell now 2024/2025 Capital Gains allowance has been reduced to £6,000 and dividend allowance to £500 for basic tax payers. All thanks to Hunt the ****. As others have replied, you can use your losses in the future which is open ended. Therefore, all this tax year if needed or part of, or none until you need it. Obviously, this is could all change under a change of government. Positive or negative. Either way, current fiscal drag is killing us.
It seems we neither of us are 100% right ArielArrow.
"To be eligible to be carried forward a capital loss must be claimed within four years of the end of the tax year in which it arose, so by 5 April 2023 for losses that arose in 2018/19."
Also
"Where the negligible value claim is made in 2022/23 the capital loss will be set against capital gains arising in the same tax year before the deduction of the annual exemption. If there are no capital gains arising in 2022/23 or there are surplus losses after any gains have been covered by losses, those surplus losses carried forward to 2023/24.
But Flexxy P I was wrong about the order - the capital loss has to be established first.
Since Ritson drained this outfit - then handed it over to the next batch of hungry HOGS this has done absolutely nothing, and todays RNS is the "writing on the wall"
Malcy bigged this one up too...another useless chancer...god knows who pays his wages too, so the Share price and company have hit the wall, and looking at all the sells offs, i wouldn't like to think what they were bought in at, probable around the 7pence mark at a guess, shame, but AIM in a minefield.
OIL & GAS / ENERGY is over, get you money onto Crypto!
Yes though you only need enough Capital Gain to cover the loss- so if you have only established a Capital loss of, say, £5,000 you only need to crystalise a Capital Gain of £5,000. And yes this tax year or next either way, it doesn't matter which capital event is established first.
In general, you can carry capital losses forward indefinitely, either until you use them all up or until they run out. Carryovers of capital losses have no time limit, so you can use them to offset capital gains or as a deduction against ordinary income in subsequent tax years until they are exhausted
Thanks Crusty - So the bit I was unsure of was how long you had to make the capital gains to benefit from it. So it needs to be be either in the same tax year or the year straight after?
If you do not have any CG over £12,000 by the end of the following year it is gone is that right?
StockSCIROCCO ENERGY ORD GBP0.002
Event TypeDe-Listing
DescriptionProposed Delisting
General Meeting date: 7th May 2024
Expected effective date: 17th May 2024
Market affected: Alternative Investment Market (AIM)
Trading restrictions: The last day we will be supporting trading will be 16th May 2024.
Scirocco Energy plc has announced its intention to cancel its listing of Ordinary shares from trading on AIM. This is expected to become effective on 17th May 2024 subject to approval at the General Meeting.
As the shares will no longer be trading on a supported stock exchange you may choose to sell your holding prior to our last day of trading listed above or transfer your holding to another broker.
Following the delisting the company will be re-registered as a private limited company and will implement a Matched Bargain Facility which may be available through the Interactive Investor platform.
ISA Customers
Due to restrictions imposed on ISA accounts, unlisted shares are not considered an ISA-qualifying investment. Therefore, we will arrange to move your Scirocco Energy plc shares to a linked trading account, opening one on your behalf if you do not already have one.
SIPP, Pension Trading Account, and Junior ISA customers
Unlisted shares are not considered a qualifying investment for these accounts and withdrawals are not permitted from these products. Consequently, holders may wish to liquidate any holdings prior to a delisting becoming effective.
And yes you have to do a self-assessment.
Yes Flexxy you are 100% correct - Capital losses can only be offset against Capital gains though can be rolled over for 12 months.
I would phone the HMRC and ask if the only way to book a loss is to do a self assessment which I think it is.
You can 100% book the loss. But I don't think you will get it back Via PAYE. It will be offset against any future Capital Gains Tax that is due. So in order to start getting it back you will need to have successful Investment that you are cashing out off. You get £12,000 tax free - So if you make over £12,000 in profit from an investment after that you would be due to pay the CGT. If you book this loss then in theory you can make more the £12,000 annual allowance in Capital Gains and still not have to pay the CGT due to the loss.
If that is not looking good in stocks maybe if you ever have a property to sell you will benefit then. I have no Idea how long the loss stays on the books these are all questions for HMRC. But Hope that helps a little Bit.
Also happy to be corrected if anything I have said there is not correct. This is the first time I have a to book a significant loss so was looking into it the other day.
Well looks like this one is a complete loss. £50k since 2011! Anyone know if this can be put down as a tax loss? I’m PAYE, but could a self assessment be complete to register the £50k loss and some how get paid tax back ?
I’ve no idea if this is even a thing just hoping we have a tax knowledgeable person on here who could share some info.
My experience of being a small shareholder in a private company is that eventually they make you a derisory offer which after doing as much research as you can you accept and then 6 months later you check on the company and find they have done a deal and been taken over or something and you sold for far less than the shares were worth. Someone is buying at the moment and so there is value in this company but my guess is that small shareholders will never get a sniff of it. As my shareholding is in an ISA I have to move it out so I guess I'll sell.
You become the shareholder of a private company instead of a listed company.
How will the distribution of money get to the existing shareholders if they are no longer shareholders?
He told me selling was very painful, the price was so low
The only ones to ever benefit were the new directors and their mates.
Neil had about 30 million shares at one time not sure if that was before consolidation.
Once they go private that's it.
Any shares issued will be to private investors such as ex directors and private individuals.
Not allowed in an ISA.
I am told you cannot hold shares in a "trading account" as they won't be listed on any market to be traded.
If it wasn't for Neil there would have been no Ruvuma, when Tullow left after drilling a duster leaving us 25% extra for free, Neil said drill deeper, that was when we made the gas discovery.
What would happen to shares that are in an ISA account.
Would they be sold off or moved to a normal trading account?
Anyone have a definitive answer?
12 years ago the data room opened to bring in big companies these companies walked away so where was the asset.
At least he was the one that got us the assets that this lot squandered all of the proceeds for.