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  • Tax - CGT negligible value claim
    CGT negligible value claimIf you own an asset that has become of negligible value, i.e. worthless, you can make a negligible value claim to HMRC which entitles you to treat the asset as if it were sold for nothing. The effect of this is to create a capital loss. Losses on sharesYou may have made an investment in the past that has performed badly. Indeed, you may have written it off in your own mind but, if you haven't sold it, it may only be a paper loss that is not allowable for CGT purposes. However, there...
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  • Tax - Claim for a capital loss for an irrecoverable loan to a trader
    Claim for a capital loss for an irrecoverable loan to a traderIf you made a loan to a business which it cannot repay, the amount remaining outstanding may be treated as a capital loss. HMRC requires conditions to be met before it will accept the loss.What loans qualify?The loan will qualify for loss relief as long as it was used by the UK resident borrower (who can't be your spouse) in their trade (excluding money lending). A qualifying loan can include a director's loan to a close company.What does irrecoverable...
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