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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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In 2008 I lost 1 million when my business went bust, now I

Resolved Question:

In 2008 I lost 1 million when my business went bust, now I have started a new buiness and gained 1million should I have to pay tax as net effect is nil?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.Was the £1m a capital loss please?Alex
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Customer: replied 1 year ago.
I invested in a nightclub in 2008, it failed and went into administration and my investment was lost. Since then I have invested in another limited company, which has performed well and over the last few years I have received dividends but paid tax on those.
Expert:  Ash replied 1 year ago.
I will call now.Alex
Expert:  Ash replied 1 year ago.
To confirm the dividends are not tax free, they are counted as income.But when you come to sell the business/shares at that point your future losses are offset against that sale.Alex