24 Disposals where assets lost or destroyed, or become of negligible value
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

24  Disposals where assets lost or destroyed, or become of negligible value

(1)     Subject to the provisions of this Act and, in particular to [sections 140A(1D), 140E(7) and 144], the occasion of the entire loss, destruction, dissipation or extinction of an asset shall, for the purposes of this Act, constitute a disposal of the asset whether or not any capital sum by way of compensation or otherwise is received in respect of the destruction, dissipation or extinction of the asset.

[(1A)     A negligible value claim may be made by the owner of an asset (“P”) if condition A or B is met.

(1B)     Condition A is that the asset has become of negligible value while owned by P.

(1C)     Condition B is that—

(a)     the disposal by which P acquired the asset was a no gain/no loss disposal,

(b)     at the time of that disposal the asset was of negligible value, and

(c)     between the time when the asset became of negligible value and the disposal by which P acquired it, each other disposal (if any) of the asset was

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