Where an asset's value has become negligible but there has been no disposal, it is possible to create a deemed disposal. This enables the owner to crystallise an allowable loss which he might not otherwise be able to realise because of the lack of marketability of such a depressed-value asset.
To crystallise the loss, the owner of the asset must make a claim and, as a result, there will be a deemed disposal (and reacquisition) of the asset at that value (TCGA 1992, s. 24(2)).
With effect from 6 April 2009, a claim may be made by the owner of an asset where;
•the asset has become of negligible value whilst in his ownership; or