Income Tax Act 2007 section 124

Supplementary

Section 124 sets out the time limit for claiming property loss relief against general income and the additional steps required where losses have previously been carried forward.

• A claim for property loss relief against general income must be made within one year of the normal self-assessment filing date for the relevant tax year.
• Where losses have previously been carried forward under section 118, the claim must be accompanied by amendments to any earlier personal or trustee tax returns.
• These amendments are needed to reduce the amount of loss previously carried forward, potentially reducing it to nil.
• Failure to amend earlier returns as required will prevent the claim from properly taking effect under the loss relief provisions.