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?

c – The value of the shares on acquisition.

d – The value of the shares at 31 March 1982.

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