Deadlines

By Tolley
Personal_tax_img7

The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Deadlines
  • Why are deadlines important?
  • Claims and elections by 31 January
  • Claims and elections with shorter deadlines
  • How to make the claim
  • Late claims or elections
  • Deadlines for HMRC assessments

Why are deadlines important?

Many tax elections or claims for allowances can be submitted after the deadline for submitting the Self Assessment Tax Return has passed. See the Self Assessment filing deadline guidance note.

The standard period for submitting claims or elections relating to income tax or capital gains tax is four years from the end of the tax year to which the claim or election relates.

TMA 1970, s 43

A number of elections have a specific deadline of the first anniversary of 31 January following the tax year in which the relevant event took place (see below).

Several capital gains re-investment or roll-over reliefs require an acquisition to be made within a set period of a disposal, so you need to monitor both the deadline for making the election and the period for making the reinvestment. For more details, see the Roll-over relief for traders and Enterprise investment scheme re-investment relief guidance notes.

Claims and elections by 31 January

The claims summarised in Table 1 ― claims which should be made by 31 January 2019 must all be submitted by the first anniversary of 31 January following the tax year in which the loss or other event occurred. The claims listed in the table are meant to cover common situations rather than be an exhaustive list.

Claims and elections with shorter deadlines

The claims summarised in Table 2 ― claims with non-standard time limits must all be submitted by various short deadlines; normally, one or two years from the end of the tax year, or sometimes two years from the date of the trigger event. The claims listed in the table are meant to cover common situations rather than be an exhaustive list.

How to make th