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A claim made on 5 April 2016 can be backdated as far as 6 April 2013 (as long as the other conditions are met).If that claim were made only one day later on 6 April 2016, it could be backdated only as far as 6 April 2014, nearly a whole year later.The rules governing this are contained in ITA 2007 s 131 et seq. That is, either enterprise investment scheme (EIS) relief is attributable to them or they are shares in a qualifying trading company that have been subscribed for by the taxpayer.The conditions to be met by a qualifying trading company are similar to those for a qualifying EIS company.A negligible value claim is also possible on purchased goodwill.However some basic conditions must be met, namely that the taxpayer still owns the asset at the time of the claim and the asset has become of negligible value since it was acquired.Whether the goodwill has become of negligible value is a question of fact.It is not enough to show that it has been written off in the accounts.
The claim cannot be restricted to preserve any income tax allowances available.
An allowable loss may, however, arise under TCGA 1992 s 24(1), whereby the entire loss, destruction, dissipation or extinction of an asset constitutes a disposal of it for the purposes of TCGA 1992.
The disadvantage of this is that such losses cannot be backdated like negligible value claims, so they will only be available to use against gains in the current tax year (or to carry forward for use against future gains).
To make a negligible value claim, the taxpayer must own the asset at the time the claim is made.
Therefore, in order to make a claim in relation to shares in a company, the company must still be in existence.
However, it is conceivable that such an opportunity may come to light only when preparing the previous year’s tax return.