Is there a time limit for claiming S455 back?

Is there a time limit for claiming S455 back?

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Is there a time limit for claiming S455 back?  If for example a participator had repaid a loan 3 years ago but had forgotten to claim the S455 tax back?

Replies (14)

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By johngroganjga
06th Aug 2019 10:32

The repayment claim goes on the CT return for the year in which the loan is repaid. So who forgot, the participator or the company’s accountant?

Regardless, I would just put the claim in the next return.

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Replying to johngroganjga:
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By Wanderer
06th Aug 2019 10:37
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Replying to johngroganjga:
Psycho
By Wilson Philips
06th Aug 2019 12:03

johngroganjga wrote:
The repayment claim goes on the CT return for the year in which the loan is repaid.

Oh no it doesn't!

And, yes, there is a time limit for reclaiming the tax - section 458 of CTA 2010.

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Replying to Wilson Philips:
By johngroganjga
06th Aug 2019 17:13

Agreed. I probably should have said “with” rather than “on” the return. What I essentially meant was “at the same time as”.

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RLI
By lionofludesch
06th Aug 2019 10:39

Yes - depending on how much was involved, I might amend the latest return available for amendment. But if it's not huge, I'd leave it until the next return.

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Replying to lionofludesch:
By Tim Vane
06th Aug 2019 11:28

lionofludesch wrote:

Yes - depending on how much was involved, I might amend the latest return available for amendment. But if it's not huge, I'd leave it until the next return.

Then you’d be wrong. You can’t reclaim previous years s455 tax on a later year return. There ain’t no boxes for it. As Wanderer says L2P is the way to go.

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Replying to Tim Vane:
Psycho
By Wilson Philips
06th Aug 2019 11:31

Form L2P works in the case of a single loan amount advanced on a particular date and a single repayment on a particular date. Otherwise the form is useless - I have never used it, as a letter works just as well.

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Replying to Tim Vane:
RLI
By lionofludesch
06th Aug 2019 11:37

Tim - I bow to your superior experience in forgetting to reclaim s455 charges.

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blue sheep
By NH
06th Aug 2019 13:11

Thanks to those that attempted a reply, I have found the answer for those that are interested "Relief under this section is to be given on a claim, which must be made within 4 years from the end of the financial year in which the repayment is made or the release or writing off occurs"

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Replying to NH:
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By Vile Nortin Naipaan
06th Aug 2019 13:47

You have found? Was that answer not given to you in Wilson's post of 12:03?

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Replying to Vile Nortin Naipaan:
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By Tax Dragon
06th Aug 2019 13:54

Which post came complete with a citation - so is far more useful/authoritative.

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Replying to Vile Nortin Naipaan:
blue sheep
By NH
06th Aug 2019 13:54

partly

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Replying to NH:
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By Tax Dragon
06th Aug 2019 14:37

NH wrote:

partly

Partly? The other part being you looked up the citation provided?

There's gratitude for you. Not.

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Replying to Tax Dragon:
blue sheep
By NH
06th Aug 2019 14:54

Haha, I thought that's what the thank button was for. I just thought for those that obviously didn't know the answer and equally didn't want to dig into the legislation I would provide the complete answer.
Anyway no offence intended, I think you guys must be ready for a holiday!

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