highlandspring
10th June 2010, 10:14
I recently setup a SSAS and want to transfer in some shares I own in a private limited company, which is not connected to me. Its owned by one of my companies
I bought 5% of the companies shares nearly 10 years ago - it seemed to be going somewhere at the time, but with the recession etc its lost its way.
I have written it down to £nil in my books but I want to move it to my pension. My thinking being - I can gain relief now for losses against other gains I expect to make - and if in the distant future it comes good then the gain will be outside the scope of CGT if its in the SSAS.
The company is still trading with £2m turnover and a few £10k's of assets - so its worth something its just the prospect of realisation is remote currently.
Problem is my accountant wants to charge £2,500 to value the shares - which isn't economic - is there anyway I can value them for a nominal value without having to get a formal valuation done? Or find someone who can do a valuation for a few £100's?
Thanks
Adrian
I bought 5% of the companies shares nearly 10 years ago - it seemed to be going somewhere at the time, but with the recession etc its lost its way.
I have written it down to £nil in my books but I want to move it to my pension. My thinking being - I can gain relief now for losses against other gains I expect to make - and if in the distant future it comes good then the gain will be outside the scope of CGT if its in the SSAS.
The company is still trading with £2m turnover and a few £10k's of assets - so its worth something its just the prospect of realisation is remote currently.
Problem is my accountant wants to charge £2,500 to value the shares - which isn't economic - is there anyway I can value them for a nominal value without having to get a formal valuation done? Or find someone who can do a valuation for a few £100's?
Thanks
Adrian