The following Tax Q&A provides comprehensive and up to date legal information covering:
A negligible value claim can be made where an asset has become of negligible value (worth next to nothing). It allows the shareholder to claim a capital loss by treating the asset as having been sold and immediately re-acquired at the value specified in the claim (normally zero): see section 24(2) of the Taxation of Chargeable Gains Act 1992 (TCGA 1992). It follows that if the claim is to result in a capital loss, a hypothetical disposal of
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
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