[CG13125] CG13125 – Introduction and computation: occasions of charge: assets lost/destroyed/negligible value: negligible value

TCGA92/S24(2)

The owner of an asset may make a negligible value claim to HMRC (see CG13135) if either condition A or B is met (section 24(1A)).

Condition A is that the asset has BECOME of negligible value (see below) while owned by the claimant (section 24(1B)).

Condition B is that:

•the claimant acquired the asset in a transaction to which one of the no gain/no loss provisions in TCGA92/35(3)(d) applied (see CG22000c),

and

•the asset was of negligible value at the time of the disposal by which the claimant acquired the asset,

and

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