I am sorry if I did not make matters clear, the shares were valued at 70p per share on the gift transfer in 1985 and valued by the Liquidator at 64p per share upon liquidation resulting in the loss per share of 6p which makes a total loss of £16200 with a net sale of assets a around £270K
The shares were given a valuation of 0.70p per share upon gift transfer, the liquidator has applied a value of 0.64p per share upon liquidation giving a loss of 0.06p per share
As far as I am aware there are no restrictions or otherwise with these shares, it was a family business. The loss is valid as you point out but the sum realised through the liquidation will be subject to CGTax can I claim both?
Not really, technically my comment is correct although I have told him there will be tax to pay just seeing if there was any mitigating circumstances we could use
Strictly speaking VAT can only be reclaimed providing the expense is made out to the registered VAT person/business/company but as the last VAT inspection I received was almost 15 years ago, a bit like payment in cash if the receipt is not addressed to the VAT registered person, and is not out of proportion to regular VAT return I cannot how it would ever get picked up
My answers
I am sorry if I did not make matters clear, the shares were valued at 70p per share on the gift transfer in 1985 and valued by the Liquidator at 64p per share upon liquidation resulting in the loss per share of 6p which makes a total loss of £16200 with a net sale of assets a around £270K
The shares were given a valuation of 0.70p per share upon gift transfer, the liquidator has applied a value of 0.64p per share upon liquidation giving a loss of 0.06p per share
Thank you
Yes I am aware of all that
I am aware how tax work, but I was just exploring whether or not there were any mitigating circumstances that could apply.
I have already told him about the tax implications
As far as I am aware there are no restrictions or otherwise with these shares, it was a family business. The loss is valid as you point out but the sum realised through the liquidation will be subject to CGTax can I claim both?
Not really, technically my comment is correct although I have told him there will be tax to pay just seeing if there was any mitigating circumstances we could use
Strictly speaking VAT can only be reclaimed providing the expense is made out to the registered VAT person/business/company but as the last VAT inspection I received was almost 15 years ago, a bit like payment in cash if the receipt is not addressed to the VAT registered person, and is not out of proportion to regular VAT return I cannot how it would ever get picked up
Digger
Tonbridge