Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hi there, does anyone who is a little more financially minded than me know if we can offset our tax liabilities (income or capital gains) against Cineworld loses?
May soften the blow a little.
You can offset if the shares weren't held in an ISA account, but if you had them in your share dealing ISA you can't.
That's what I thought until I looked at the documentation from iweb just now.
On my ISA acct they sent a corporate action notification dated 2 august 2023 saying CINE cancelled admission to trading ... on LSE Main Market.
3 paras later says as no longer listed on recognised exchange, they no longer qualify to be held within an ISA. .... therefore we will transfer ... to your share dealing account.
In statement at end Sept still shows cine as inward/ouward stock adjustment with no of shares and no value mentioned. For end month shows a line with CINE and book value probably what I paid when I bought in the ISA.
Then in Feb 2024 have a corporate action notification that they are removed with no compensation ftrom the share dealing account.
In general I use the statements and the book cost shown on previous statement after a sale to determine capital gain or loss for CGT.
AFAICS I can do exactly that with CINE and record the book cost shown on the previous statement as a loss.
If that's wrong [it is unexpected but usually I fill my tax form in according to what the statements from the broker say], can someone point me to some rules from HMRC. I guess the question is that when the broker transfers the shares in that situation [when they are no longer traded and there is therefore no market value], what is their book value for CGT purposes according to ISA legislation.
What have other brokers said when they give corporate action notifications and subsequent statements with ISA shares forcibly removed to a non-ISA account but not yet disappeared completely?
For me this is a 20k loss shown on the statements so potentially 4k of CGT reduction assuming I never get the chance to take the CG without tax otherwise.
For clarity:
by no market value, I mean that no value can be established because they are no longer listed.
The argument [if there is one] is that the zero value only came to pass later aftter courts have rubber stamped the stealing-deal. Therefore the value ascribed at time they are transferred out of the isa due to no longer qualifying is the book value as it was on the isa since no other value is available.
"I guess the question is that when the broker transfers the shares in that situation [when they are no longer traded and there is therefore no market value], what is their book value for CGT purposes according to ISA legislation. "
I would have thought that at the point they fell out of your ISA and into your trading account and therefore your entry into the realms of capital gains the acquisition cost at that point would be zero (the market value at that date) and therefore zero loss.
I very much doubt you can claim a capital loss
WoW is fully correct.
Items held in an ISA are tax free.
That includes a tax loss free.
You can't have your cake and eat it!!
You gain the advantage with tax free profit, and suffer the dis-advantage with tax free loss.