Capital losses on milk quota?
- Thread starter Blue.
- Start date
frederick
Member
- Location
- south west
Forever
it's not over
Member
- Location
- thunder rd co.antrim
I think it can only be used against a capital gain but I stand to be corrected
dairydurham
Member
lasts as long as owner lives
Plain steer
Member
Sounds like you have a big tax bill looming and your trying to find ways to make next years less
Water Wheel
Member
Agreed but -
Might they change the rules and put a time limit on it? Goverment has got to get money from somewhere.
rusty
Member
- Location
- Buxton Derbyshire
We went LTD in 2005 and sold quota from our partnership to someon else's LTD company and bought their quota from their partnership to our LTD company. This created a £250,000 loss in capital value which we were able to offset Against tax at 25k/yr for 10 years.
- Location
- Somerset
Can carry forward until you die. Use against capital gains, but you must choose to use it.
Same every year,I started a thread regarding going Ltd last week.Sounds like you have a big tax bill looming and your trying to find ways to make next years less
I think I need your accountant.
- Location
- Montgomeryshire
Same every year,I started a thread regarding going Ltd last week.
I think I need your accountant.
You don’t need to sell the quota, you just write it down to a nil value, which it obviously has as it was abolished.
The same could be done for BPS entitlements that have been purchased, as they had a nil value through being abolished, with SFP entitlements introduced instead.
I just need a capital gain from somewhere now.
buffalo_soldier
Member
- Location
- cumbria
I used mine up on the sale of some Genus shares a few years back.
Seemed a good idea at the time
Seemed a good idea at the time
My quota value was on my accounts as a capital loss,for some reason it’s disappeared .You don’t need to sell the quota, you just write it down to a nil value, which it obviously has as it was abolished.
The same could be done for BPS entitlements that have been purchased, as they had a nil value through being abolished, with SFP entitlements introduced instead.
I just need a capital gain from somewhere now.
- Location
- Montgomeryshire
I was told that a Capital Gains Loss is a personal loss and can be carried forward indefinitely, until it’s used.
My loss from milk quota was when I was in a previous business partnership, where the quota purchase was in the names of the four partners. I bought entitlements when I came here as a sole trader, and they have also been written off now.
They are all held as a CG loss to use in the future (maybe) against personal CGT liabilities. They don’t appear in my business accounts anywhere.
- Tags
- milk