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HMRC internal manual

Venture Capital Schemes Manual

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HM Revenue & Customs
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Share Loss Relief: individual and corporate claimants: individual claimants: the claims procedure

Share Loss Relief is given on a claim. The claim must be made on or before the first anniversary of the normal self-assessment filing date for the year of the loss (this time limit is specified by ITA07/S132(4). SACM3000 to SACM3040 provides guidance on the making of claims.

For years of loss 1994-95 or later, Share Loss Relief may be given as a deduction in calculating the individual’s net income for either the year of the loss, or the previous tax year, or both years. The claim must specify the year or years in which relief is to be given, and if both years are involved then it must specify the year for which deduction is to be made first.

For years of loss 1993-94 and earlier, Share Loss Relief was instead available in the year of loss or the next following tax year.

CTIAA (Structure, Incentives & Reliefs team) deal with any difficulties concerning claims to relief and late claims, see VCM70120 and BIM75225.