This is a freeview 'At a glance' guide to loss relief for loans and shares.

What loss relief is available when assets become worthless, lost or destroyed? Subscribers see Loss relief (income tax) disposal of shares and CGT: Relief for loans to traders.

Where an asset becomes worthless or is lost or destroyed it is generally possible to claim loss relief on the cost of the asset.

See Loss relief (income tax) disposal of shares

If an asset was a loan made by a trader to his business (this includes his company, as well as any sole trade or partnership) and it becomes irrecoverable, he may also claim CGT loss relief under section 253 TCGA 1992.

See CGT: Relief for loans to traders

Squirrel ad

Are you enjoying our content? 

Thousands of accountants and advisers and their clients use as their primary TAX resource.

Register with us now to receive our unique FREE Tax Planning Tips and Advice Guide & our FREE OMB Newsletter.