CG13128 - Assets lost/destroyed/negligible value: form of claim

Section 24(2) does not specify the form in which a negligible value claim has to be made and no separate claim form is provided. Claims by companies should be made in accordance with FA98/SCH18 Part VII (See CTM90600, INTM120000 onwards,CTM34050 onwards,) and by other persons in accordance with TMA70/S42 (see EM6700 onwards).

The date of the deemed disposal should be specified in the claim if the taxpayer wants to be treated as if the asset had been sold and reaquired before the claim was made, see CG13122.

When you acknowledge that you have received a negligible value claim, it is preferable to avoid using words such as 'accept' or 'admit' which might lead the claimant to believe that their claim is acceptable at that stage. This is particularly important where any necessary valuations (see, for example, CG13130) have still to be negotiated or agreed.