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 the asset must result in a chargeable gain or
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