Income Tax Act 2007 section 132

Entitlement to claim

Section 132 sets out how and when an individual who is eligible for share loss relief may claim to have the loss deducted from their net income.

• An eligible individual may claim share loss relief against net income for the year the loss arose, the previous tax year, or both years
• Where a claim covers both tax years, the individual must state which year the deduction should be applied to first
• Where a claim covers only one tax year, the individual must specify whether it is the year of loss or the previous year
• The claim must be submitted no later than the first anniversary of the normal self-assessment filing date for the tax year in which the loss occurred