.png)
.png)
Scrutinising the possibility of negligible value claims
KEY POINTS
- The expiry of milk quota means that farmers may be able to make negligible value claims in 2014/15.
- Negligible value claims for those who have died during a tax year should not be overlooked by their executors.
- The Leadley case has highlighted the need for executors to review negligible value claims.
- Claims relating to a period before death cannot result in losses being carried forward against gains made by the executors.
- All negligible value claim opportunities should be regularly reviewed.
The abolition of EU milk quota on 31 March 2015 is a stark reminder of the importance of negligible value claims for capital gains tax. As a result there will be a flurry of these claims by those advising farmers on the tax returns for the year ended...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
