Corporation Tax Act 2009 section 460

Time limits and procedure for claims under section 459(1)

Section 460 sets out the time limits and procedural rules for making claims to set off a non-trading loan relationship deficit against profits of the deficit period or earlier periods.

• A claim to set off a non-trading deficit must be made within 2 years after the end of the deficit period, unless an HMRC officer allows a longer period
• A company may split its non-trading deficit for a period and make separate claims in respect of different parts of that deficit
• However, a company cannot make a claim in respect of any part of the deficit that is already the subject of another claim
• These rules apply specifically to claims made under section 459(1), which allows deficits to be set against profits of the deficit period or carried back to earlier periods