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Past the use-by date

09 June 2015 / Julie Butler
Issue: 4504 / Categories: Comment & Analysis

Scrutinising the possibility of negligible value claims


  • 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...

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