Celsius Coal Limited - negligible value claim?

Celsius Coal Limited - negligible value claim?

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Client owns £30,000 of share. No, that's what he paid for them.

Not sure if he subscribed for them or acquired them. If obtained via a stockbroker, surely that means he bought?

Has anyone heard of this Australian company? Done a CG claim? Their website indicates they're still trading albeit worthless, which is not a neg value claim anyway.......

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By Montrose
10th Dec 2015 16:20

Crystallise the loss

 by selling to a friend-not a connected person. Claim the loss.Your client will have to do a bit of research to prove that the shares were acquired at then market value.

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By bernard michael
10th Dec 2015 17:19

The current price is $AU 0.0001 so yes -  worthless

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By Montrose
10th Dec 2015 17:37

but they are still listed

transactions do take place in hundreds of thousand  shares at a time. The latest report[ 30th.September 2015] to shareholders stated that the company was "actively seeking....assets investments and businesses...."

I would agree that in practice the shares are of negligible value, but a sale would avoid arguments with HMRC.

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By HeavyMetalMike
10th Dec 2015 18:18

Thank you all. I agree with Montrose - and that it's still trading. 

If it was negligible value claim then we could look at IT relief if subscribed for of course, but the next best thing is to sell to a friend to crystallise a CG loss (only).

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