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Generally, a taxpayer can only claim a capital loss in respect of an asset where that asset has been subject to disposal or has been destroyed completely.

If the asset has simply become worthless (of negligible value), but continues to exist and be held by the taxpayer, there is no capital loss under the normal rules, but a claim may be made as described in this guidance note. Negligible value claims are most commonly made in relation to shareholdings, although other types of assets are considered below.

For other commentary on assets becoming of negligible value, see Simon’s Taxes C1.321.