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.
- BVI registered 124 2
- Capital allowances on transfer of business 264 10
- Tax Penalty overreaction 2,587 17
- A little knowledge 327 6
- Digita in the cloud 138 2
- Tax relief when working away 63 1
- Anybody still doing returns? 952 36
- Self assessment for directors 96 1
- Tax relief when working away 168 3
- Money laundering and can accountants be sued by clients if they make a report 1,307 20
- Designated sole Residence 245 5
- Scratch Head 342 1
- Year end 265 2
- US/UK Dual Citizenship 321 13
- Clothing 633 19
- Investment properties/freehold land 164 6
- Parent and subsidiary... 196 5
- Identity check problem 1,520 14
- No tax returns for 6 year 242 1
- Capital allowances on Software 242 2
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 963
- Underpaid VAT assessment and relation to SATR 687
- Did you realise Google will not patch android exploit ... 632
- Latest phishing scam 612
- Cashback for opening business bank acct = trading income? 449
- Auto Enrolment Questions Answered 333
- Loan benefit after person ceases as director/employee 266
- Sabbatical payments 227
- Still Christmas at HMRC? 221
- Negligible Value Claim 205