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Article ID: 2205
Last updated: 03 Aug, 2020
If you own an asset that has become of negligible value – worth next to nothing – you can make a negligible value claim. This will be treated as though you'd sold the asset and immediately reacquired it for an amount equal to its value at the time you made the claim. Before you can make a negligible value claim, you should enter the disposal details in the Capital Gains pages in TaxCalc to show that you've disposed of an asset and made a loss. You must also include information regarding the capital loss in the Any Other Information box:
To make the negligible value claim, follow these steps (on SimpleStep):
For more information read the HMRC helpsheet on negligible value claims. Note: You must still own the asset when you make the claim and the asset must have become of negligible value while you owned it.
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