Negligible value assets
I understand that where an assets has become worthless the buyer can claim loss relief by having sold and immediately required at market value (s 24(2) TCGA 1992) however i have had no experience in doing this claim.
I have been on the HMRC site to look at the list of quoted shares that they have http://www.hmrc.gov.uk/cgt/negvalist.htm and the company that i am interested in is not on there, the company is the well known enron.
A client of mine has a high number of enron shares and wishes to make a negligible value claim.
I have contacted HMRC and they have advised that i can either do this on the Self Assessment return or prior to this filling out a CG34 Form, by filling out the form they will provide if it is a negligible value claim and the supposed amount.
Has anyone had any experience they could offer me
If he makes a claim in the 2011/12 tax year will the loss carry forward forever or is there a time limit (if there is a time limit, it may be worth waiting a few years until he can relieve the loss against an expected gain in the future)
Any guidance on this would be very much appreciated.
- What does it mean?? 344 11
- Paint Manufacturer Flat Rate Scheme 285 13
- VAT on motor expenses 892 32
- Cleaners wages at small church -PAYE or self employed ? 91 1
- Sage Payroll with 'employees' not having tax or NI deducted 66 1
- Why do HMRC have a different FPS liability to the amount I sent? 1,705 22
- Limited Company - Personal Bank Account 2,303 40
- How to account fot Cross-border vat. 101 1
- Entrepreneurs' relief for trustees - receipt of rent 140 3
- Associated companies - CT small profits relief 162 7
- Introduction of Goodwill 196 5
- PayPal Transaction Analysis 160 4
- Incorporation - any tax advantage? 744 19
- Company overdue but wants to be struck off 389 12
- Money transfers between companies owned by one person 210 9
- A change from the old Q v NQ debate 331 11
- Sage 50 (2010) 115 2
- ideas for a bonus scheme for accountants 395 3
- Recommendation of US tax adviser? 95 1
- Notes to statutory accounts 327 15
- Skandia using wrong address 1,548
- Nil Rate Band Trust - index linked debt by way of charge over property 853
- International interest certificate 471
- NOVA 328
- Subby expenses subject to tax & NI? 233
- Can Limited Company Buy Share of Rental Property? 221
- Bonus Bonds 209
- Management expenses for investment company 207
- DOUBLE TAXATION RELIEF BETWEEN A PRIVATE LTD COMPANY AND GREECE (the private Ltd has no employees and its main activity is 203
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 194