803. Assets lost or destroyed, or the value of which becomes negligible.

The occasion of the entire loss, destruction, dissipation or extinction of an asset constitutes a disposal of the asset1. This is so whether or not any capital sum by way of compensation or otherwise is received in respect of the destruction, dissipation or extinction of the asset2.

A negligible value claim may be made by the owner of an asset ('P') if either the asset has become of negligible value while owned by P3 or:


    (1)     the disposal by which P acquired the asset was a no-gain, no-loss disposal;


    (2)     at the time of that disposal the asset was of