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.
- Now Scotland has voted "No", when does England get to vote? 933 46
- Is it possible to retrospectively change the tax year that dividends were paid. 492 21
- Private portion of costs and expenses in Accounts 316 16
- Any Scottish members out there? 11,261 417
- Is this fraud? 504 12
- Likely interaction of new Onshore Employment Intermediaries Act with IR35 ? 55 1
- Furnished lettings criteria 261 4
- Sole trader - Normal Bank account used for business? 29 1
- VAT registration pre-incorporation- wait for TOGC or treat as sale? 152 4
- Underpaid Tax Options on SE 143 1
- Naming new company 303 6
- Saying goodbye 530 14
- Opening start-up business bank accounts 136 1
- QuickBooks - Separating expenses from purchases 193 4
- Has HMRC got powers to do this? 647 5
- Pension Contributions Relief 396 12
- Revaluation of investment proeprty 90 1
- Excel: MATCH does not match two apparently identical cells 793 7
- Shutting down a company with creditors 1,487 31
- Tax on private fuel for own car 222 5
- Raiders of the Lost Tax File 1,281
- Chartered Accountant in County Down N.Ireland 457
- National Insurance 354
- Non Resident 273
- Cass 5 FCA Client Money Software recomendation 265
- Franchise income and costs 243
- Hands on experience of Digita 205
- Best way to take money from a business if you have unlimited EIS allowances? 152
- Employer's Helpline 151
- employment capital allowances 142