[SVM107150] Capital Gains Tax procedures: negligible value
Under Section 24(2) TCGA 1992 a taxpayer may make a claim to be treated as though he/she had sold an asset and immediately reacquired it for an amount equal to its value. Claims must be submitted to the Inspector. If a taxpayer makes a negligible value claim in respect of shares, the Inspector may ask SAV for an opinion as to
a – Whether the shares were of negligible value at the date claimed.
b – Whether the shares had become of negligible value, in other words, were they of negligible value when acquired?