Scores of Farmers who lost their investments when Dairy Farmers of Britain collapsed last year have been dealt a second blow by HM Revenue and Customs, who have issued guidance advising that the losses incurred will not qualify for relief under Income tax or Capital Gains tax law.
According to HMRC, losses on investments held as Loan Stocks, Members Liability Loans, member capital Accounts and Member Investment Accounts do not qualify for relief, nor do the losses on ‘A’ Ordinary Shares issued in March 2009 which were issued by converting other investments into shares.
Losses suffered on the £5 Ordinary Shares, ‘B’ Shares and ‘A’ Shares issued in exchange for Preference Shares will attract relief.
For further information, see the HMRC press release.