D1.1045 Variations to the date of disposal for the substantial shareholding exemption
References to a disposal include part disposals (as generally for the purpose of TCGA 1992 unless there is specific provision to the contrary1, which there is not in TCGA 1992, Sch 7AC) and deemed disposals. In most cases the date of disposal for SSE purposes is the same as for other capital gains purposes. However, the SSE rules contain special timing rules for negligible value claims, degrouping charges and conditional contracts.
Negligible value claims
Where a loss arising on the disposal of a substantial shareholding is not an allowable loss, an investing company could, in the absence of specific legislation, make a negligible value claim2 and elect that a deemed disposal be regarded as having taken place at an earlier time (see C1.321), when perhaps the SSE conditions were not satisfied so as to give an allowable loss.
This tactic is prevented by a specific SSE rule which provides that the back dating option for negligible
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 17:35