The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
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.
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 rollover 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 Rollover relief and Enterprise investment scheme deferral relief guidance notes.
The claims summarised in Table 1 ― claims which should be made by 31 January 2021 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.
The claims summarised in Table 2 ― claims with non-standard time limits must all be submitted by various short deadlines; norma
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
The transactions in securities (TiS) legislation is anti-avoidance legislation aimed at situations where close company shareholders have engineered a disposal of shares to obtain a beneficial capital gains tax (CGT) rate, ie avoid income tax, on specified transactions.The targeted anti-avoidance
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the purchasing company in exchange
Normal due dateIndividuals are required to pay any outstanding income tax, Class 2 and Class 4 national insurance and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2021 for the 2019/20 tax year). From 6 April 2020, UK resident individuals who