This is a freeview 'At a glance' guide to loss relief claims.

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 deadline. Subscribers see Losses, trade losses and sideways relief

Loss reliefs: all references are to ITA 2007

Relief Time limit

Offset trade loss against general income (s.64)

12 months of 31 January following the year in which the loss is made
Early years loss relief (s.72) Within 12 months of 31 January next following the year in which the loss is made

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 up to 12 months following the year's deadline. You will want to make an amendment in order to correct a return, as well as changing any claim that is required to be made by return, such as a claim for losses or capital allowances.

Overpayment Relief applies 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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