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We can confirm that Advanced Oncotherapy plc shares have now been delisted from AIM as of 9 May 2024.
Important Information for ISA holders
As a result of the delisting, the Advanced Oncotherapy plc shares do not meet the HMRC rules to be held within an ISA and must therefore be removed from your ISA.
To continue to hold these shares on our platform they will need to be moved into a Fund & Share Account. If you already have an active Fund & Share Account, you don’t need to do anything – we’ll automatically move your holding. If you don’t have a Fund & Share Account, we’ll automatically place your holding into an inactive version after Tuesday 4 June 2024, which you can subsequently activate by following the same account opening procedure as below.
Does anyone know the tax implications implications, if any?
No implications because the company is going bust and there will be no payout to shareholders. If there is a miracle and the company is saved and you sell shares at a profit then capital gains tax
Profit? No such luck! But if it's transferred out of the isa, could I use the capital loss to reduce any tax gains?
PM44,
Yes, you can use the loss to reduce any capital gains you make in this tax year, once the company is officially listed as deceased by the HMRC. Don't jump the gun though. They have only been removed from AIM. They have not been declared insolvent yet. There is still a small chance that they could pull a rabbit out of the hat.
If you make no capital gains this year, the loss can be carried forward to offset gains made in future years. There is no limit on how many years the loss can be carried forward, but you will need to keep a record of any carried forward losses, as HMRC do not display this on next years tax submission.
Thinking about this again, I am not 100% certain that this loss can be carried over to the dealing account. However, if HL have transferred the shares from your ISA to a share dealing account, then they have effectively transferred the loss as well. Unless this is clarified to the contrary, you have little to lose by submitting the loss. If it is wrong then HMRC can reject it. It is hardly a tax fraud.
Many thanks Kenj, I am a bit doubtful about survival but if it does survive it will be a bonus. My concern was that the loss was made within the isa and that, I believe is not allowed against profit elsewhere? But having been transferred to a share dealing account, I am now not sure of the rules. Cheers.
PM44
I believe that everything that happened while the shares were in our ISAs will have no impact on profits outside our ISAs. It's only what happens to the AVO shares now they're outside outside our ISAs that will have an impact on our investments outside our ISAs.
It's only my opinion, so I could be wrong.
Thanks Meldrew, I fear you are correct, cheers!