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HMRC internal manual

Self Assessment Claims Manual

What the person can claim: Losses

A person can claim overpayment relief if they have overpaid or been over-assessed income tax, CGT or corporation tax for a tax year or accounting period. Relief is given by repayment or discharge of the tax. Some mistakes may lead to tax also being overpaid in a later period. Overpayment relief can only be claimed for the later period after tax has been overpaid or over-assessed in that later period.   

Most losses, such as capital losses and income tax trading losses must be claimed whether they are carried back, set-off in year or carried forward, so overpayment relief is excluded under case A, see SACM12075. But overpayment relief may be available where a claim is not needed, for instance when property income losses or corporation tax trading losses are carried forward (see CTM04100 and PIM4210 and PIM4230).

For time limits where an overpayment relief claim is made because of a mistake in the return for an earlier period, see SACM12155.

Para 51(1), 51B and 88(8) Schedule 18 FA 1998

Section 16 TCGA 1992

Section 118 ITA 2007

Sections 45 and 62 CTA 2010