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.