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.
- Fee reasonable or OTT? 1,345 16
- CGT on compulsory purchase cpmpensation re lease 45 1
- Just for fun. 527 21
- VAT - TOGC 77 2
- Independent Review of a Company Limited by Guarantee 84 2
- Edible spam? 360 12
- Capitalisation of loan 87 4
- HMRC & daft penalty 301 2
- Are solicitors worth the money? 1,075 12
- Intercompany loans 212 5
- New Website Look 324 9
- s75 ICTA88 Management expenses - idiots guide 160 6
- CIS. Why is it so complicated? 1,445 16
- Xero - Should I partner with them 132 1
- Overlap relief 539 14
- Suspicious debt recovery offer? 304 2
- Reduced payments on account 132 2
- Payment on account and EIS relief 80 1
- Amending a CT return 104 2
- Directors Share Purchase 295 12
- Theatre Tax Relief 459
- Has anyone been affected by the RBS payment breakdown? 357
- Windows 10 on-going support ... 352
- Straight line write off of Purchase Goodwill ??? 327
- Perkbox 294
- Self Assessment - What to enter on the return 270
- FRS 102 compliant illustrative accounts for an insurance company 252
- Compensation - Taxable or not then CGT or IT 250
- Document Management Systems 225
- WIP Software 215