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Worthless shares in an ISA. Any relief available?

Is there any relief available for shares held in an ISA that have been declared worthless?

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I have a client whose shareholding in a company has been declared worthless. The shares are held within an ISA. Is there anything she can do to claim relief against this e.g. a negligible value claim? I’ve never dealt with a negligible value claim however as the shares are held in an ISA I would think in this situation a claim would not be possible.

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By Wanderer
07th Jan 2022 10:16

Cake & eat it?

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Replying to Wanderer:
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By Tax Dragon
07th Jan 2022 10:25

Patisserie Valerie shares?

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Replying to Tax Dragon:
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By Wanderer
07th Jan 2022 11:07

That comment made me laugh out loud!

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Replying to Wanderer:
Scooby
By gainsborough
07th Jan 2022 17:05

Ditto!

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By richard thomas
07th Jan 2022 14:12

You are right to think that. Reg 25(1)(b) of the ISA Regulations (SI 1998/1870) says:

"(b) losses in respect of account investments shall be disregarded for the purposes of capital gains tax;"

As with all assets, if they are not chargeable (because they are exempt), no losses are available.

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Replying to richard thomas:
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By Tax Dragon
07th Jan 2022 17:21

richard thomas wrote:

As with all assets, if they are not chargeable (because they are exempt), no losses are available....

...except as otherwise expressly provided (s16(2) TCGA). Such express provision exists for EIS shares, for example.

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