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.
- Increasing the personal allowance: A top priority? 477 18
- Double tax treaty Italy and UK 97 1
- Anyone Heard of This Outfit? 1,105 7
- Bereavment payment 87 1
- Can anyone advise on the best VAT Scheme to change to? 273 4
- Apologies for reposting this but first post was on Friday afternoon! 344 2
- CT600 Computations - Company Tax Return help 1,295 14
- Sage Bank Reconciliation 150 2
- Companies House incorporation service 349 12
- Factors affecting tax charge FRS 19 (marginal rate) 77 1
- P35 and Service Company questions 151 3
- VAT chargeable to conference attendees 193 6
- Is Accountancy Becoming like an Insurance Policy 204 1
- Long period of account for Corporation Tax 267 7
- Flat Rate VAT and EU sales (Non VAT) 143 3
- NIC £2000 Allowance - Care Support Worker 153 3
- VAT, vans, sole traders and business use. 1,598 12
- Share Capital 133 2
- Trading income or not? 198 1
- Charge HMRC 424 3
- Xtuple 549
- Qtac payroll for bureau 376
- Confused - Professional Association a Mutual trader, or not? 320
- Industrial & Provident Societies 314
- Why would HMRC offer to close an investigation by contract settlement 292
- CIS schemes 223
- Domain name sale and limited company 205
- Investment 187
- Director legal fees in loose connection to the company 186
- Italian friend wants to set up a UK company to reduce taxes 178