CG13750 - Claims and elections: Time limits
Time limit for making a claim
Legislation contains a general default rule giving the time within which a claim may be made in the absence of any specific time limit see s43 TMA70 and SACM3035, or Para.55 Sch.18 FA98 and CTM90610 for companies. However, many claims have a specific time limit.
Time limit for making an election
There is no general time limit for making an election but the legislation governing an election may include a specific time limit. If there is no specific time limit for an election then, in theory, an election may be made at any time.But there will in practice usually be an implicit time limit, because once it is too late to revise a customer’s liabilities by adopting an alternative basis of computing a chargeable gain, any election will have no practical effect.
Extended time limits for claims and elections
Time limits are not extended simply because an enquiry is open.
Where a specific time limit applies to a claim or election, guidance is given in the relevant part of the capital gains manual.
In certain circumstances claims and elections may be made after the normal statutory time limit has passed.The time limit may be extended where
an assessment is made by HMRC, or
a self-assessment is amended by HMRC, or
an enquiry is concluded by a contract settlement.