Can HMRC block relief under S72?

Can HMRC block relief under S72?

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Section 72 ITA2007 allows a loss made in 2010/11 to be relieved against total income in 2007/08, 2008/09 and 2009/10, in that order, so long as the claim is made by 31st January 2013, and the loss is made in the first 4 years of the trade.

Can HMRC use legislation which says returns cannot be amended after 4 years to block claims for relief under S72 made after 5th April 2012, on the basis that the return is closed?

Does a S72 claim seek to reopen an earlier year anyway, or is it all technically dealt with within the return period the loss is made in?

Any thoughts from technical folk would be much appreciated, I would also like to hear from anyone who has had this problem before.

Best Regards

MtF

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By mackthefork
07th Jan 2013 23:32

Bump

One time only.

Anyone got any ideas.

Regards

MtF

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