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.
- S.455 Tax again 335 6
- Closing down loss-making company 690 13
- Entrepreneur relief and deduction of Amortisation of Goodwill Pre2002 339 14
- Tips on meals 470 4
- co-operatives & Societies 63 1
- Client gets a penalty and being threatening! 598 7
- HMRC having technical difficulties 1,178 20
- Xerocon 2016 1,463 40
- FHLs and Entrepreneurs Relief 187 4
- Website Content 441 6
- Company restructure - Share valuation, ERS and PAYE 179 3
- Directors in dispute 138 1
- Incorporate to utilise dividend allowance next year? 708 12
- Incorporated company charity 143 2
- property capital gains 338 3
- Taxation of sinking fund contributions 440 5
- Overpaid In Employers NI - RTI EYU for hundreds of employees 432 2
- Director owns 47% of shares in company A and 100% of shares in Company B. Is Company B a participator in Company A for S455 purposes? 265 2
- Stumped - IHT 497 6
- No PAYE Registration but need auto enrolment 596 12