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late filing of hold over relief claim

late filing of hold over relief claim

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I know I am going to get pilloried for this but sometimes you have to hold your hands up and in this case I have omitted to send a clients holdover relief claim for a share transfer into HMRC in the time limits. It has only come up at all because the client is discussing selling and its one of those moments where you instantly realise your mistake.

Is it possible to send a late claim into HMRC or is there anything else that I could do?

Thank you

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By Ruddles
05th Dec 2017 11:01

Your only option is to ask HMRC whether in the circumstances - whatever those may be - they would be prepared to accept a late claim. There is nothing (so far as I am aware) that you can do to force them to accept it.

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By michaelblake
05th Dec 2017 17:42

Does any of this help?
The normal time limit for holdover relief claims is four years following the end of the tax year of disposal (TMA 1970, s 43(1)). Late claims are possible where HMRC assessments are made due to careless or deliberate behaviour (under TMA 1970, s 36(1); the time limit for making claims depending on the type of taxpayer behaviour (see CG66916). Late claims are also possible for HMRC assessments not made due to careless or deliberate behaviour (within TMA 1970, s 43A); the time limit for making claims in such cases is one year from the end of the tax year in which the assessment is made (see CG13751, CG66917).

If there was a gain that should have been disclosed and was not disclosed then a disclosure now might invite an assessment and the opportunity to make a late claim!

Se also thread at https://www.accountingweb.co.uk/any-answers/late-holdover-claim

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