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HMRC internal manual

Capital Gains Manual

Losses: loans to traders: refusal of claims made before 6 April 1996

It is important to remember that under the terms of the statute any loss arising on a Section 253 (3) claim, made on or before 5 April 1996, did so at the date of claim. This will normally be the date on which the claim is received in the District. ESC/D36, see CG65942, allowed a limited carry back of the relief where the necessary conditions were satisfied. Many claims will not explicitly state that they are seeking the benefit of the extra-statutory concession ESC/, but any claim, made on or before 5 April 1996, which seeks to carry the relief back to an earlier year is relying upon the terms of ESC/D36.