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HMRC internal manual

Venture Capital Schemes Manual

Share Loss Relief: individual and corporate claimants: individual claimants: a simple case without complications: is the claim valid?

For general guidance on claims by individuals see SACM3000+. Claims to Share Loss Relief must be made in a return or by amendment of a return. In any event, a claim must be made on or before the first anniversary of the normal self-assessment filing date for the year of loss (ITA07/S132(4)). It follows that the provisions of TMA70/SCH1A cannot be in point, as no claim may be made after the time limit for amendment of the return.

A claim by an individual must specify the year or years the income of which is to be relieved and, if two years are specified, which takes priority over the other.

Claims by companies must be made within two years after the end of the accounting period in which the loss accrues (CTA10/S70(4)). The claim must also specify whether relief is claimed in any earlier accounting period, but bear in mind that relief must be given to the maximum possible extent against income in the period of loss before any excess relief may be given in an earlier period (CTA10/S71, and see VCM77050).

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