COM53140 - Claims / reliefs: other reliefs: S458 CTA 2010 (formerly S419(4) ICTA 1988) - giving effect to claim
Where a CTSA AP is affected by a S458 (formerly S419(4)) claim in respect of a loan repayment, release or write-off made before the due date (Word 49KB) for the AP in which the loan is made, it will usually be claimed in the return and reflected in the company’s self assessment (Word 28KB).
Clerical actions required
Where a return is submitted electronically, the details are normally captured onto COTAX and the self assessment recorded automatically. See Example 1 (Word 30KB) and Example 2 (Word 48KB).
Where COTAX cannot record the self assessment automatically because of other entries on the return, the case appears on RSAW (Record SA Work List) and a CT Co-ordinator uses the ‘Record a Self Assessment’ option in Function RAMA to record the self assessment.
Where a CTSA AP is affected by a S458 claim in respect of a loan repayment, release or write-off made on or after the due date for the AP in which the loan is made which is not reflected in the original self assessment, and the claim is made
- Within the time limit for making an amended return
- Use the Record a Taxpayer Amendment option in Function RAMA to record the S458 claim on COTAX. See Example 3 (Word 86KB)
- Outside the time limit for amending the return and is within Schedule 1A TMA 1970
- Use the ‘Process a Claim’ option in Function RAMA to record the S458 claim. See Example 5 (Word 32KB)
In each case
- Enter the end date of the AP during which the loan was repaid and the amount of the relief on the record of the self assessment for the period in which the original S455 charge arose
- Take care not to give effect to the relief before it is due, taking account of S458(5). See Example 4 (Word 67KB)
For a list of functions to use in particular situations, see COM53012.
For legislation applying to this subject, see COM53013.
