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Hello guys,
I know we all are going through the same phase after losing money in petropavlovsk. I think they have left us no choice apart from being optimistic. As a UK tax payer, I was just looking for the ways if we can claim some amount of tax return after losing money because company went into administration.
I came to know, which I think there is a way for us claim some tax amount back from HMRC but I am not sure about it hence I am posting it here to know if any of you guys are aware about it or not.
There is a form called capital gain summary 2023 (link no 1), in which there is a section for those who invested in a company, which became negligible in value (link no 2). So far what I gathered is we are eligible to claim for refund, but I might be wrong.
I was just wondering if any of you have applied for it or have encountered this so far, is it worth applying? Let me know what do you guys think about it.
References
1) CGS 2023 form - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1148477/SA108_2023.pdf
2) Negligible value claims-
https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/hs286-negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-2023
Agree , any views on this would be interesting
I don’t think you can claim a refund on the cost of the shares.
However you can use the loss to offset any capital gains you made selling other shares I believe. Not sure about ISA or SIPP, but if you have a trading account and take profits, you can offset what you would have paid against the POG loss.
At least that’s what it used to be, I used to work for Lehman and had part of my salary in shares, basically it meant no capital gains tax one year.
Can claim share shave nil value and use the losses against CG gains in year of claim or if no gains the losses can be carried forward
https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/hs286-negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-2023
The obvious tactic is if you have a negligible value share and make significant CG gain in one year then make the claim that year
Otherwise wait for HMRC to add the shares to their recognised list of nil value shares
https://www.gov.uk/guidance/negligible-value-agreements
Remember you must make a claim for losses on your SA return - if not made within 4 years they are lost - that will be 4 years from appearing on the HMRC list (I believe)
There is no refund for tax losses - losses in ISA have no tax benefit - no gain/no loss
Thanks Jezza!
You can't use capital losses in an ISA.aginast Capital Gains elsewhere. The HMRC aren't going to allow sheltering of Gains in the wrapper but usage of losses they aren't that generous!
Regular trading account would be fine, losses in that can be used to offset gains.
The shares in POG were ejected from the ISA account in HL to a fund and share so why cant we use them to offset gains?
It’s no longer in a wrapper….
@chippyjo; When shares are transferred out of the ISA you reacquire them outside the ISA at their market value on the date transferred which, unfortunately, is nil
Hello, Do you think this forum could be closed soon with the removal of POG?
*forum : I mean CHAT
Https://petropavlovsk.freeforums.net/thread/1/welcome-new-forum?page=1#post-2
Let’s create a new space just in case
Just found out this evening. I thought the whole thing was dead and buried
It is dead and buried.
CWWX, Didn't you used to give me a hard time and that idiot R Brand
Hello Lawrence.
No I never gave you a hard time. We didn’t always agree on some points but that was about it.
Are you involved in the “action group” still trying to get something out of this or has that disappeared too?