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Tax rebates

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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Posted: Thu, 23/10/2008 - 03:42

Has anyone found out if we can claim tax rebates against money that has been lost if the worst happens. Is there such a thing a negative CGT tax, or negative income tax?

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Tax Treatment

  • DXB
  • 12/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 07:09
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I was wondering about this myself.
(1) Income tax position:
Don't think the concept of "negative income tax" exists - you will be assessed on the basis of your income in the relevant tax year, so if your income is now less then you will be liable for less tax.
On the other hand, a liquidation dividend (any payout you receive from the liquidation of KSFIOM - assuming it is eventually liquidated) may be taxable as income.
(2) CGT position:
The loss of savings could be a capital loss - hadn't thought of that before - and capital losses may be set off against capital gains.
I'm not a tax specialist, so I think we'll need to speak to tax advisors/the IR on this.