looks like a 5 cet ouvre, page-23

re: malfunction Hi Towie!

Atomu and I were having a bit of a lark but I thought I might respond re your tax loss statement. You can't deduct a loss from your share activities unless you can show that it's as a result of trading activities. It's otherwise a capital loss which has to be quarantined against capital gains.

Since atomu runs a restaurant/sushi bar full time, you could hardly say that he is a full time trader. More like a speculator/investor than a hardcore trader - in which case it may be difficult to argue he is a trader, especially if he has been buying and selling rather irregularly.

You can have an alternative argument however. You may be able to swing the loss by saying that you entered into the transaction for a profit making purpose, ie you intended the transaction to be short term and you intended it to be profitable under which you would have disclosed it as a revenue gain had you succeeded. In this case, you may be able to swing the loss into revenue (although most tax law in this area tends to revolve around gains and not losses) to offset against any other employment income you have and voila - refund of PAYE!

It's very aggressive and I would suggest adequate documentation, case law citations etc etc etc to try and minimise any penalties which may be imposed later on!

Cheers