CG13150 - Introduction and computation: occasions of charge: assets lost/destroyed/negligible value: practical considerations
Companies restored to the Companies House register听
Where a company has been struck off the register at Companies House,听a听person can听apply for a court order for a company to be restored to the register under . If the application is successful then 听applies, with the company deemed听to have continued existing as if it had never been dissolved or struck off.听
HMRC interprets s1032 CA06 to mean that both the company and the share capital of that company are deemed听to continue existing in the period between dissolution and restoration. The holder or holders of the share capital immediately听prior to dissolution are deemed听to have continued to hold the shares in the period between dissolution and restoration.听
When a company is struck of the register at Companies House, the share capital of that company ceases to exist.鈥疉s the shares are no longer held, a鈥痭egligible value claim cannot听be made. Instead, the holder or holders of the share capital can make a claim that the shares were actually lost听under s24(1) TCGA92 (see鈥�CG13120).听
The effect of s1032 CA06 is that the shares cannot be claimed to have been lost or destroyed so the claim under s24(1) TCGA92 cannot succeed. However听it may be possible for a successful negligible value claim to be made in relation to the shares so long as the company is actually restored听to the register and s24(2) TCGA92 is satisfied (see鈥�CG13125鈥痮苍飞补谤诲蝉).听