An Instruction dated 9 May 1995 (5 I-6-95) comments on the tax regime applicable to the reimbursement bonus attached to shares owned by individuals. The shares concerned - principally bonds - must have been issued after 1st January 1992 or divided since 1st June 1991. The reimbursement bonus is represented by the difference between the amounts or shares to be received and those paid at the acquisition. In case of reimbursement of securities of one kind but acquired at different prices, the acquisition price is a balanced average value. It is also pointed out that where the acquisition price of a security is higher than its reimbursement value, the difference is not, in principle, deductible from the individual taxable income. But concerning only bonds issued since 1st January 1995, it is admitted that the loss occurred could be offset on the interests paid during the last year.
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