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Do you own shares that have become worthless as a result of the credit crunch?

If you own shares that have become worthless as a result of this years credit crunch - such as the likes of Northern Rock, B&B and Woolworths, then you may be able to make a Negligible Value claim on these shares. By doing so you can offset the loss made as a result of the Negligible Value claim, and set it against other gains you make this year or carry it forward for future years.

So how do you go about doing this? Firstly check out the Negligible Value liston HMRC website to see if shares you own have been listed and officially declared of negligible value for the purposes of making a claim. An asset is of negligible value if it is worth next to nothing. Shareholders of the now Nationalised Northern Rock have their own HMRC Northern Rock Q&A guide for these claims. If a share or security does not appear on the list, this does not necessarily mean that the HMRC will not accept the claim. It could be that a negligible value claim has not been previously considered.

Assets that you own that have become of negligible value, are treated as though you had sold the asset and immediately reacquired it at the time the claim was made for an amount equal to its value, which should be specified in the claim. You must still own the asset when you make the claim and that the asset must have become of negligible value, while you owned it.

When you make a negligible value claim you may specify an earlier time falling in the two previous tax years at which the deemed disposal should be treated as occurring. All the necessary conditions for the claim have to be met at that earlier time as well as at the time you make the claim.

If you make a negligible value claim during the tax year 2007–08, any loss resulting from the deemed disposal will arise in that year, unless you claim to be treated as if you had sold the asset at a time falling in 2005–06 or 2006–07.

If you want to claim a loss for 2007–08, you must write to your local tax office giving details of the negligible value claim and your calculations of the capital loss resulting from the deemed disposal of the asset. Alternatively, you may make a negligible value claim during 2007–08, before you make a loss claim by sending the details to the HMRC. Your claim will then be referred to the Shares and Assets Valuation Office if considered appropriate.

Negligible Value Resources.

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