2


A S FIBREGLASS ROOFING Do you have a felt roof which needs replacing?


Did you know this can be replaced with a fibreglass option with a 25 year guarantee.


WE SPECIALISE IN ALL TYPES OF FLAT ROOFS, BOX GUTTERS, BAY WINDOWS, PONDS.


Call Tony for more details and a free no obligation quote.


01986 875839 / 07920461139 FULLY INSURED • 20 YEARS EXPERIENCE


Trevor Crisp 20 years experience


Domestic and Commercial tiling Ceramic, Porcelain, Natural Stone.


For a friendly, reliable, professional service.


07786 452703 Free competitive quotes


Email: crispsbedrock@yahoo.co.uk Facebook/trevthetiler


Matt Giddings


Plasterer and General Builder Over 30 years experience


For a quote please call


07541 364842 Pulham & Co Solicitors


A FULL RANGE OF LEGAL SERVICES EFFICIENT AND PERSONAL


Egmere House, Market Place, Saxmundham Telephone: (01728) 602084 Contact: John Pulham


0505825


Financial Focus On…Worthless assets


IF you own something that has become effectively worthless, in certain circumstances you can obtain capital gains tax (and occasionally income tax) relief for your loss in value by making a “Negligible Value” claim.


The basic starting point for a Negligible Value claim is that the asset concerned must be chargeable to capital gains tax were it to have been sold at a profit (so instantly cars are eliminated from this relief as otherwise


nearly every


motorist in the country would have an almost


unending


supply of capital losses) and you must be able to prove to HMRC that the asset has become of no value. (This would also apply if the asset has become lost, destroyed or extinguished, but you should take note of any compensation received). Broadly, Negligible Value claims can be made by companies and trusts as well as by individuals,


but there


is an interaction with Capital Allowances where business use is concerned. The claim works by allowing you to “sell” the asset for no proceeds (even if there is now no market or purchaser for it) and then immediately reacquire it for its current value, thus triggering the capital loss. To make a claim, the taxpayer must own the item at the time of the claim, state the value of the asset at the time of the claim and it must be in existence.


This can cause an issue with company shares as


after dissolution, the company ceases to exist and, by extension, so do its shares.


If


you still hold shares at the date of dissolution - and have not made a Negligible Value Claim to apply before that point - the shares are treated as having been sold for zero value at that point. It is, however, possible to back date a Negligible Value claim up to two tax years provided that the asset was of no value at that earlier time and the taxpayer owned it at that point.


For shares that are traded on a stock exchange, HMRC maintain a list of shares that they have already agreed are of negligible value and for these no further


evidence (except


perhaps of ownership) is needed. The list is held on the .Gov website and is updated frequently. For example, were you to look up Marconi plc (remember them?), you will see that HMRC agreed that the shares became of negligible value on 19th May 2003, but the company has yet to be dissolved.


Therefore, you


can claim for relief in any in- date tax year. Shares in Globo plc, by contrast, were agreed to be of negligible value on 10th November 2015 but the company was dissolved on 29th January 2017 and so you are still just in time to make a backdated claim for either Negligible Value or general capital


loss relief on these shares, but time is running out. There is nothing to prevent a Negligible


Value


Tony Brown’s Funeral Service


Established 1979


Owners of the Greenwood Burial Ground, Farnham Floral tributes and memorials supplied Pre-paid Funeral Plans


The Funeral Parlour, New Cut, Saxmundham, IP17 1EH Tel: 01728 603108 Email: tb.fs@virgin.net


Website: tonybrownfuneralservices.co.uk claim


for shares that have not yet appeared on the HMRC listing, but you will need to be prepared to provide supporting evidence


to convince the


Inspector of Taxes that the shares are of no value as at the date of the claim. You should remember the fact that a company may have ceased trading does not automatically mean that it has no assets and therefore no value.


If you


do make a Negligible Value claim, obtain relief, and later do receive some value (for example a distribution on final winding up), this is taxed as if you had purchased the asset for no value. In some more circumstances,


Value relief can also an income tax loss.


restricted Negligible create There


are various additional rules attached


principal ones are that if the shares are


to this, but the not


Enterprise


Scheme qualifying, they must have been subscribed for at issue; must have been in a qualifying trading company (which is trading wholly or mainly in the UK) for six years and have not at any stage been listed on any recognised stock exchange. Usually, unless you are making a claim for income tax relief, the Negligible Value claim results in a useful


LEISTON OLD


FOLKS’ OUTING


THE Leiston Old Folks’ Outing will this year take place on Saturday 28th September. All senior citizens (aged 70 years and over) who live in the town and who would like to come on this free outing are asked to put their names on a list which will be available in Carolyn’s Shop until Wednesday 18th September.


We Friday 11th October


Sizewell Sport & Social Club King Georges Avenue, Leiston


Eyes Down - 8.00pm Doors open at 7.30pm


Admission: £2.50 (£3.50 on the door) Tickets from Leiston Film Theatre and Sizewell Sports & Social Club


In aid of Leiston Film Theatre Support Club


We are looking for a fully qualified hair stylist to join our friendly team at our expanding salon in Leiston


We are offering a part time or full-time position on a self-employed basis


DAY EXCURSIONS


SAT 31ST AUG: BURE VALLEY BOAT & TRAIN ... .............................................................. £36.00 SUN 8TH SEPT: EASTON WALLED GARDENS .... ..............................................................£39.00 THUR 12TH SEPT: ELY ............................£20.00 SAT 14TH SEPT: RAF HENDON .............. £37.00 MON 16TH SEPT: FREEPORT ................. £18.00 TUES 24TH SEPT; BLUEWATER ............. £22.00 SAT 28TH SEPT: CAMBRIDGE ................ £20.00 SUN 29TH SEPT: . SHOWBUS, HERTFORDSHIRE .............................................................. £40.00 TUES 1ST OCT: LONDON EYE & RIVER CRUISE . ..............................................................£67.50 THURS 3RD OCT: LAKESIDE / IKEA ....... £21.00 SUN 6TH OCT: WINDSOR TEA CRUISE ... £58.00 WED 9TH OCT: IPSWICH / BURY ST EDMUNDS . ................................................£14.00 / £15.50 SUN 13TH OCT: FREEPORT .................... £18.00 MON 14TH OCT:NORTH NORFOLK LUNCH & SHERINGHAM .......................................£34.00


THEATRES & CONCERTS


SUN 24TH NOV: CLASSICAL SPECTACULAR ....... .................................................................£63.00


THUR 12TH DEC: CROMER CHRISTMAS SHOW .. .................................................................£38.00


SUN 5TH JAN: DISNEY ON ICE ..................£79.50


SUN 9TH FEB 20: CIRQUE DU SOLEIL – LUZIA .... .............................................................. £108.00 THUR 12TH MAR 20: MARY POPPINS ... £104.00 THUR 30TH APRIL 20: PRINCE OF EGYPT ........... .................................................................£71.50


HOLIDAYS


MON 21ST OCT LLANDUDNO BARGAIN BREAK


MON 28TH OCT MARGATE BARGAIN BREAK 5 DAYS £229 MON 4TH NOV EASTBOURNE T & T BARGAIN BREAK


SUN 27TH OCT MYSTERY BREAK


MON 18TH NOV MORECAMBE T & T MON 18TH NOV CORNWALL T & T


5 DAYS £249 2 DAYS £95


SUN 1ST DEC CHRISTMAS AT MON 2ND DEC MYSTERY T & T


THUR 28TH NOV FESTIVITIES OF THE HOME COUNTIES


MON 23RD DEC XMAS IN SCARBOROUGH BARGAIN BREAK


THUR 5TH DEC TENBY T & T BARGAIN BREAK


THUR 28TH NOV CHRISTMAS MARKETS OF THE SOUTH


FRI 22ND NOV CHRISTMAS MARKETS OF THE NORTH WEST


5 DAYS £249 5 DAYS £309 5 DAYS £309


4 DAYS £259 3 DAYS £195 3 DAYS £219


ROCKINGHAM CASTLE 2 DAYS £119 5 DAYS £299


3 DAYS £299 5 DAYS £449


CALL NOW FOR A COPY OF OUR BROCHURES


ONLINE BOOKING NOW AVAILABLE Telephone 01728 830414 www.bellecoaches.co.uk LEI 6/FRAM 6


Engineers Arms 7 Main Street, Leiston 01728 635 883


The


Every Monday is quiz night! May Events


Engineers Arms 7 Main Street, Leiston 01728 635 883


21st 13th 21st


September Events 7th - Stigma


8th


May – Steve & Greta Afternoon gig


May Events 8th1st Monday of Month


Quiz Night


May – 80/90’s DISCO 27th May – 80/90’s DISCO


May – Ace Karaoke May – Ace Karaoke


May – Steve & Greta Afternoon gig


27th


May - Ace Karaoke May - Ace Karaoke


Find us on Facebook Find us on Facebook


Every Monday is quiz night! 13th


JOHN BALLS GARAGE FRISTON


Tel: (01728) 688 509 Free collection & delivery service 10 mile radius


• MOT TESTING • SERVICING • REPAIRS


• TYRES & EXHAUST • AIR CONDITIONING SERVICING


Always a selection of used cars SEPTEMBER 2019


Please call 01728 635559 for further details or email your CV to anitastephen89@gmail.com


The will then


write to you with pick-up details, etc.


This year is our 82nd Anniversary and we would love as many of you as possible to join us. The time- span is from approx. 1.30pm to 6pm, and involves our guests being taken in cars on an interesting tour around local villages to arrive at a mystery destination for free afternoon tea, entertainment and a raffle. For further details, please contact our Sandra Harle (secretary) on 01728 833578 or by email at philipharle@btinternet.com.


loss for Capital Gains Tax purposes.


You should take


care about deciding when to make a claim so that you do not unnecessarily waste the loss.


Using the Marconi


shares as an example, were you to have a potential loss of £1,000, you should consider not making a claim when your other capital gains total, say, £5,000, as that amount would be covered by your annual CGT allowance anyway (and by making a claim, you would only reduce the total gains to £4,000 which is still covered by the same exemption). Instead,


you should make


the claim in a year when you either have gains above the annual CGT exemption, or in a year where relief will create or increase a capital loss which can then be carried forward and used later. Obviously, the date of dissolution of Marconi (when it comes) will force the issue of when you are deemed to dispose of the shares so it is worth reviewing matters now. Land, of course, always has


an underlying value (unless it has fallen into the North Sea) even if you are successful in claiming for the destruction of a building on it.


So, bad news for CGT


exempt motorists (except if you have a classic car which is then capital gains tax free


on any profit), but a glimmer of relief for those whose shares have become worthless for whatever reason. For further information on any of the above points or to discuss your affairs generally, please do not hesitate to contact Robin Beadle


at Ensors Chartered


Accountants, Saxmundham on 01728-603005. This article seeks to address


general business and financial issues and due care has been taken in its preparation. Ensors cannot accept responsibility for loss incurred by any person, company or entity as a result of acting, or failing to act, on any material in this publication. Specialist advice should always be sought in relation to your particular circumstances.


HARWICH G.M.T. – Aldeburgh minus 1hr 3 mins (Heights are for Harwich expressed in metres)


TIDE TABLES September 2019


136160


135966


019969


904789


1216198


136032 047986 047986


136288


015446


099514


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12