Sirius Petroleum Share Discussion Threads

[carrbradshaw] 24/11/2020 12:02

Go oooooonnnn Sirius - few trades - something’s acoming.

[primroselil] 24/11/2020 11:50

1.1 now on JPJ!

[futureisbright] 24/11/2020 09:45

James Berwick, CEO, and the ATOG team, met on November 23rd with the Tunisian Minister of Industry, Energy, and Mines.
It was a great opportunity to celebrate the one year anniversary of ATOG's activities in Tunisia, and discuss future development plans in E&P and Renewables.

[htrocka2] 24/11/2020 09:37

What Cornish should have said was...how much profit would srsp be making at $9 a barrel, when extraction costs are in excess of $27 a barrel(probably a bit more now that extra 'local' taxes' have been introduced)...failure to drill, at the time, was a blessing in disguise.

[aventador] 24/11/2020 06:36

No we are not fortunate to be suspended for all this time, we want an investment thats in business and returning some kind of profit. Get a move on BOD.

[cornishtrader1000] 23/11/2020 20:47

Fortunate to be suspended back in April?https://punchng.com/we-begged-people-to-buy-oil-at-9-nnpc/?amp=1

[riskybisky] 22/11/2020 23:12

That's the thing it's not if we see 2p plus it's if we see 0.5p plus I believe. But can we claim for losses in previous years perhaps.

Yes so now hoping to have to encounter this issue.

[aventador] 22/11/2020 22:37

Yeah thats what's confusing say my average is near 2p but when went from isa to norm account its then based on 0.4p up im being charged possible cgt if it goes back to my original average it would seem, which ain't on as its not actual profit. Spose as someone said you offset the loss but for ammature investors this is all new to me and reason I put them in the isa was to avoid this headache as initially was expecting a 10 bagger. Oh well as stated only something to worry about if we actually get a relist and see say 2p plus again, something that does seem more likely now with recent news moving forwards. Gla

[riskybisky] 22/11/2020 21:09

Thanks all for your thoughts

[deadly nightshade] 22/11/2020 20:54

Agreed sonic it will be a nice headache to have if it ever happens. Fingers crossed not many weeks left till Xmas be nice to get something drop before then

[1sonic] 22/11/2020 20:51

Work it out for yourself would you rather 1 million shares at 10p in an ISA or 1 million shares at £1 in a dealing account and pay the tax.

Just picking figures for the example...

I would rather pay the tax..

[1sonic] 22/11/2020 20:46

Ignore what Sirius state about ISA’s as they have no clue when asked at the AGM. Even Jack Pryde said “Shame about the ISA, I’ve lost mine as well oh well” like he didn’t give a 3hit because the rewards would be greater than expected maybe.

Think Sirius looked for advice on ISA but was told not to advise... catch 22

[deadly nightshade] 22/11/2020 20:45

Risky do you know something we don't? Not worth worrying about until it actually happens. Although the news was positive remember nothing is signed and sealed just yet. We need something signed and bringing in a immediate revenue until that happens forget worrying about CGT

[mkkev] 22/11/2020 20:37

Risky sorry i had forgotten the isa info from sirius.

There is one further bit on the website.


This is the combined effect of regulation 22 and 34 of the Individual Savings Account Regulations 1998.

However, it is not clear how this general tax treatment applies when shares are transferred out of an ISA after a delisting. Shareholders are strongly advised to discuss their personal position with their own tax advisers.

So i guess we are all going to be on the phones to our accountants, when we find out the bigger picture.

[riskybisky] 22/11/2020 19:32

Ok ok I will look again,

[riskybisky] 22/11/2020 19:29

So "calculated by reference to the value of the shares when they left the ISÀ"

So that is 0.4xx p

Nobody is paying tax on a loss.

But as you say on profit... Profit from 0.4xx p

So if you bought at 3p you'll need me much higher than 3p sale to make a profit.well if it's any kind of quantity.

Cold shower?
I wish, hope I'm wrong but no I don't think I am.
Cold shower no needed for anyone who isn't grasping this.
Especially if you sell and spend without becoming aware of this.

I'd love to be wrong.

[1sonic] 22/11/2020 19:24

Risky If you paid 3p and sold for 2p that’s a loss so no tax to pay and can be off set from future gains from your losses for a few years. If you got anything left to invest that is.

[futureisbright] 22/11/2020 19:18

Risky, the summary is correct from MKKev. Whereby he uses the 40% potential scenario (for future) for his calculation and current would be 20% (income + shares profit). Note to add in your trading costs over said period when calculating. Strongly would suggest punching in CGT for shares calculator into Google. This will will provide you with immediate examples for tax year 20/21. ATVB and GLA

[cornishtrader1000] 22/11/2020 19:12

Any future capital gains (or losses) are calculated by reference to the value of the shares when they left the ISAOR LOSSES is they key phrase. You need to cold shower if you think you need to pay CGT on a loss. You paid what you paid for you shares.

[riskybisky] 22/11/2020 18:57

Gees.
I'm not sure about all this but gee!
1sonic maybe look into it, give us some sort of informed thoughts.

[riskybisky] 22/11/2020 18:54

No.

It doesn't seem that way.
You paid 3p
If you sell shares at 2p you're paying big tax, depending on Ur income and the amount.

[1sonic] 22/11/2020 18:44

However if you paid 3p a share you surely would only pay CGT on anything sold above 3p and any profit after £12500 or whatever the figure is.

[riskybisky] 22/11/2020 18:39

Thanks hotrocka, that's my point.

So even if I sell at above the price I paid I should till pay tax on the profit from transfer/delist price.

That's not really fair.
Better hope for 10p

[htrocka2] 22/11/2020 18:12

risky..

'Any future capital gains (or losses) are calculated by reference to the value of the shares when they left the ISA.'




however, until the deals are confirmed and over the line with details as to how they propose to fund the projects......I wouldn't worry about CGT......yet.

[riskybisky] 22/11/2020 17:48

Thanks Vat, oh I hope so, but posts on here saying some kind of restart after shares were moved to dealing account.
I take your point though, yes of course tax on profit. - just what will IRC see as profit, what will they take as the "buy" price? The transfer from ISA to dealibg account price i.e 0.4xx or ones/mine/someones/your original buy price???

Anyone know?