CG13125 - Introduction and computation: occasions of charge: assets lost/destroyed/negligible value: negligible value

If you are looking for an introduction to the main rules for making negligible value claims, please see the negligible value overview听on 188体育.听贵辞谤 Self Assessment听guidance on negligible value claims and losses on share disposals, please see Helpsheet HS286, and select the year you are considering.听

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S24(2) TCGA听1992听鈥�听Negligible value claims听

Under s24(1A) TCGA听1992, the owner of an asset may make a negligible value claim to HMRC if either condition A听or condition B is met听(see ).听

There is no requirement to make a claim within a specified time of the asset having become of negligible value.听

S24(1A) TCGA听1992 says that a negligible value claim may be made by the鈥�owner of an asset. This means the asset must still exist when the negligible value claim is made. If the asset has ceased to exist听then the negligible value claim will not succeed. Instead,听there will have been an actual disposal under s24(1) TCGA听1992.听

The asset that is the subject of the claim needs to be of negligible value at the date of the claim鈥�and鈥痑t the date of the deemed disposal and reacquisition (if different) (see鈥�CG13130).听

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Effect of a successful negligible value claim听

A successful negligible value claim simply results in the claimant being treated as if the asset that is the subject of the claim听had been sold and immediately听reacquired for its negligible value.听听

If, as a result of听a satisfactory negligible value claim, 迟丑别谤别鈥檚听a capital loss, it is necessary for the claimant to notify that capital loss to HMRC in order for听it to be an听allowable loss. This notice needs to be given in addition听to a negligible value claim, although the two things may be sent to HMRC in the same return, letter听or other document.听听

If you receive a claim for negligible value in respect of听