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Step-by-step Guide

How do I make a negligible value claim?

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:

  • SimpleStep mode – go to Other information and enter the text in the box on screen.
  • HMRC Forms mode – go to SA100 Core Return Page 7 box 19.

To make the negligible value claim, follow these steps (on SimpleStep):

  1. Go to the Capital Gains section.
  2. Go to the losses page for the relevant tax year.
  3. Tick the box Do you wish to change the way in which losses are off-set?
  4. Enter the amount of loss in the box below.

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.

Article ID: 2205
Last updated: 03 Aug, 2020
Revision: 9
Views: 4113
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Also listed in
folder Tax Return Production -> SA100 Individual Return