BIM85075 - Trade losses - claims to relief: time limits for claims
The time limits applicable to loss relief provisions are as follows:
| Loss relief provision | Normal time limit | Statutory references |
|---|---|---|
| S64 Income Tax Act 2007 (ITA 2007) | Within 12 months of 31 January next following the year in which the loss is made | S64(5) ITA 2007 |
| S72 ITA 2007 | Within 12 months of 31 January next following the year in which the loss is made | S72(3) ITA 2007 |
| S83 ITA 2007 | Within 4 years from the end of the year of assessment to which the claim relates[see note]. | S43(1) Taxes Management Act 1970 (TMA 1970) |
| S86 ITA 2007 | Within 4 years from the end of the year of assessment to which the claim relates [see note]. | S43(1) TMA 1970 |
| S89 ITA 2007 | Within 4 Years from the end of the year of assessment to which the claim relates. [see note] | S43(1) TMA 1970 |
These statutory time limits are extended in certain circumstances, see SACM9005 onwards.
Guidance on late claims is at SACM10030 onwards.
Note
The 4 year time limit took effect from 1 April 2010. Previously the time limit was 5 years of 31 January next following the year of assessment in which the loss is made.
Where the person making the claim was not given a notice under
- S8 TMA 1970 (personal return)
- S8A TMA 1970 (trustee return)
- S12AA TMA 1970 (Partnership return)
within 1 year of the end of the year of assessment to which it related, the 5 year 10 month time limit was retained until 1 April 2012. On that date the time limit changed to 4 years after the end of the year of assessment to which the claim relates.