BIM75210 - 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 |
| ITA07/S64 | Within 12 months of 31 January next following the year in which the loss is made | ITA07/S64(5) |
| ITA07/S72 | Within 12 months of 31 January next following the year in which the loss is made | ITA07/S72(3) |
| ITA07/S83 | Within 4 years from the end of the year of assessment to which the claim relates[see note]. | TMA70/S43 (1) |
| ITA07/S86 | Within 4 years from the end of the year of assessment to which the claim relates [see note]. | TMA70/S43 (1) |
| ICTA88/S387 | Within 5 years of 31 January next following the year in which the loss is made. (S387 was repealed with effect from 2007-08) | TMA70/S43 (1) |
| ITA07/S89 | Within 4 Years from the end of the year of assessment to which the claim relates. [see note] | TMA70/S43 (1) |
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
- TMA 1970 Section 8 (personal return)
- TMA 1970 Section 8 A (trustee return)
- TMA 1970 Section 12 AA (Partnership return)
within 1 year of the end of the year of assessment to which it related, the 5 year 10 month time limit is retained until 1 April 2012. On that date the time limit changes to 4 years after the end of the year of assessment to which the claim relates.
