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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
, see all updates

Losses: loans to traders: losses: loans to traders: time limit to claim

For claims made before 6 April 1996 there was no time limit.

For claims made by persons other than a company on or after 6 April 1996, FA96/SCH21/PARA40 introduced a time limit. For claims made before 1 April 2010 the claim must have been made

  • on or before five years from the 31 January next following the year of assessment in which the payment was made.

For claims made by a company on or after the `appointed day’ on 1 July 1999 FA96/S135 (2)(b) and FA96/SCH21/PARA40 introduced a time limit. The time limit was

  • within six years after the end of the accounting period in which the payment was made.

FA2008/S118 made further changes and subject to certain transitional provisions claims made on or after 1 April 2010 should be made within the following time limits:

  • For persons other than a company, four years from the end of the year of assessment to which the claim relates.
  • For companies, four years from the end of the accounting period to which the claim relates.