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.
Thanks
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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.
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.