31 January is the time limit for certain loss claims which have to be made in Self Assessment (SA) returns, as well being a tax return deadline.
Subscribers see Losses, trade losses and sideways relief
This is a freeview 'At a glance' guide to loss relief claims.
Loss reliefs: all references are to ITA 2007
| Relief | Time limit to claim |
|
Offset trade loss against general income (s.64) |
12 months from 31 January following the end of the tax year in which the loss arose. |
| Early years loss relief (s.72) | 12 months from 31 January following the end of the tax year in which the loss arose. |
See Losses, trade losses and sideways relief for time limits for other personal tax losses.
Top tips: correcting and amending tax returns
A tax return can be amended for up to 12 months following the submission deadline. You will want to make an amendment in order to correct a return, as well as to change any claim that is required to be made by return, such as a claim for losses or capital allowances.
Overpayment Relief may apply if you are amending claims outside the 12-month limit. Note the restrictions for claims made in returns.
The four-year Time limits for tax assessments, claims and refunds took effect from 1 April 2010.
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