Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

UK CGT: Negligible Value Claims (TCGA 1992 s 24)—mechanics, evidence, timing, asset-specific guidance (shares, buildings, goodwill), SA108 reporting and CG34 valuations

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Practice notes

Ordinarily, a taxpayer may claim a capital loss on an asset only when it has been disposed of or completely destroyed. Where an asset has merely become worthless (ie of negligible value) but still exists, the normal Rules do not permit a capital loss. For more information on claims for losses where assets are destroyed, see Practice Note: CGT—assets lost, destroyed or damaged.

Negligible value claim

Nonetheless, under section 24(2) of the Taxation of Chargeable Gains Act 1992 (TCGA 1992), a taxpayer can ask for an asset they own to be treated as sold and immediately reacquired at the value stated in the claim. That amount is usually the asset’s market value and, in many cases, will be nil. Although ‘negligible value’ is not defined in legislation, HMRC considers it to mean ‘worth next to nothing’. The aim of the negligible value claim (NVC) is to enable taxpayers to realise losses on assets they cannot otherwise sell, simply because those assets have become worthless...

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Web page updated on 21/05/2026

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