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HMRC internal manual

Business Income Manual

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HM Revenue & Customs
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Trade losses - claims to relief: time limits for claims

The time limits applicable to loss relief provisions are as follows:

Loss relief provision Normal time limit Statutory references
     
S64 Income Tax Act 2007 (ITA 2007) Within 12 months of 31 January next following the year in which the loss is made S64(5) ITA 2007
S72 ITA 2007 Within 12 months of 31 January next following the year in which the loss is made S72(3) ITA 2007
S83 ITA 2007 Within 4 years from the end of the year of assessment to which the claim relates[see note]. S43(1) Taxes Management Act 1970 (TMA 1970)
S86 ITA 2007 Within 4 years from the end of the year of assessment to which the claim relates [see note]. S43(1) TMA 1970
     
S89 ITA 2007 Within 4 Years from the end of the year of assessment to which the claim relates. [see note] S43(1) TMA 1970

These statutory time limits are extended in certain circumstances, see SACM9005 onwards.

Guidance on late claims is at SACM10030 onwards.

Note

The 4 year time limit took effect from 1 April 2010. Previously the time limit was 5 years of 31 January next following the year of assessment in which the loss is made.

Where the person making the claim was not given a notice under

  • S8 TMA 1970 (personal return)
  • S8A TMA 1970 (trustee return)
  • S12AA TMA 1970 (Partnership return)

within 1 year of the end of the year of assessment to which it related, the 5 year 10 month time limit was retained until 1 April 2012. On that date the time limit changed to 4 years after the end of the year of assessment to which the claim relates.