Income Tax Act 2007 section 155

Time limit for claiming relief

Section 155 sets out the time limits within which a taxpayer must submit a claim for loss relief against relevant miscellaneous income.

• A claim for loss relief against relevant miscellaneous income must be made no later than 4 years after the end of the tax year to which the loss relates.
• This 4-year deadline applies to claims concerning the amount of the loss for a given tax year.
• A separate claim may also be made within the same 4-year window to establish whether loss relief should be given and, if so, how much.
• The two types of claim — one for the loss amount and one for the relief itself — may be pursued independently, but both are subject to the same 4-year time limit.