Revenue has announced in eBrief No. 76/09 that where shares in Anglo Irish Bank are transferred to the Minister for Finance under the provisions of the Anglo Irish Bank Corporation Act 2009, a negligible value claim applies.

Where a claim is made under section 538 TCA 1997, the shares will be treated as of negligible value and a loss for 2009 may be calculated. The loss may be set against other gains, as appropriate, in arriving at Capital Gains Tax due on 15 December 2009. There is no requirement to include a separate comment when making the CGT return or in completing the CGT panel of an Income Tax return.

If compensation is received at a later stage for the shares transferred, this will be treated under section 535 TCA 1997 as consideration for a disposal at time of receipt. If a negligible value claim was made earlier there will be no base cost. If a negligible value claim was not made, the costs of acquisition of the shares transferred will be the base cost to be set against any compensation proceeds.