VCM46400 - VC loss relief: general: time limit for claims

ICTA88/S574 (1)

The time limits for claiming relief depend on the year in which the loss arose.

If the loss arose in 1994-95 or a later year the taxpayer has 12 months from 31 January following the year in which the loss arose to claim relief against income of the year of loss or against income of the preceding year.

Example

In the example at VCM46350 of an allowable loss in 1998-99, the taxpayer must claim VC loss relief by 31 January 2001 whether the claim is:

• to set the loss against income of 1998-99, or
• to set the loss against income of 1997-98, or
• to set the loss against income of both years, in which case the taxpayer should specify when the claim is made which year’s income the loss should be set against first.

If the loss arose in 1993-94 or an earlier year, relief must be claimed within two years of the end of the year for which relief is claimed.

CT&VAT (Technical) deal with any difficulties concerning claims to relief and late claims, see VCM45020.