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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
, see all updates

Foreign currency: time limit

TCGA92/S279 (5) as amended by FA96, FA2008 & TCGA92/S279 (6)

For years before Self Assessment, claims under TCGA92/S279 must be made not later than 6 years after the end of the year of assessment, or accounting period, in which the gain arises.

Under Self Assessment the time limit was initially the same for companies within the charge to Corporation Tax, but, for claims made before 1 April 2010, individuals and others the claim time limit was not later than 5 years from the 31 January next following the end of the year of assessment in which the gain arose.

The personal representatives of a deceased person may make any claim that the deceased might have made under this Section if he or she had not died.

FA2008 made further changes (subject to certain transitional provisions) so that 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.