Income tax relief on negligible value claim

[Matt2008]

Hi there - just a query as to negligible value relief. I lost some money on Carillion shares. I checked with my accountant as to whether I can claim income tax relief on the capital loss. My accountant has stated that this is only available if shares were "subscribed for" - i.e. granted on the initial offering of the company. So in other words income tax relief for negligible value will not be available. Please can anyone confirm if this is correct? I have seen some contradictory statements about this

[maths]

Basically, accountant is correct.

For income tax relief re the capital loss arising from the claim see ITA 2007 s 131 (see alsoTCGA 1992 s 24.