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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4199
Experience:  FCCA FCMA CGMA ACIS
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Are HMV Shares now recognised as being of no realisable value;

Customer Question

Are HMV Shares now recognised as being of no realisable value; if so please say what is the appropriate reference to claim as a Capital Gains Tax Loss.
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Here is the advice [edited] from Robert Leach, Tax Accountant:

'Shares in HMV Media Group plc were added to the list of “securities of negligible value” with effect from June 2013.

Where a share becomes of negligible value, the holder may treat that as if it were a disposal. This has the effect of crystallising loss relief which may be claimed for the current tax year or the two previous tax years, or may be carried forward indefinitely.

A full list of securities of negligible value can be found at www.hmrc.gov.uk/cgt/negvalist.htm.'

You merely put them through your annual self assessment tax return as a capital loss. Just keep a record of all gains and losses in the unlikely event of an enquiry by HMRC at some future date.

I do hope I have helped you with your question.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 3 years ago.
Thank you for your support.