HMRC reconfirm four-year reclaim limit

HMRC have published further information about the new standard limit of four years from the end of the tax year for making claims for repayments of tax.

The limit for the department to issue tax assessments (except where a loss of tax has resulted from carelessness or been done deliberately) was also reduced to four years.

The current limit  for income tax and capital gains tax is five years from the 31 January immediately following the tax year. So, the current time limit for the 2003/04 tax year is 31 January 2010.

For self-assessment taxpayers, the new time limits take effect from 1 April 2010, while for individuals outside the self-assessment regime, the new time limits take effect from 1 April 2012.

This includes people who pay their income tax on their earnings through PAYE, or people whose income is below the tax threshold.

For individuals who pay tax through both the PAYE and self-assessment systems, the self-assessment deadlines will apply.

For further information, see here.

The new deadlines applying to self-assessment taxpayers are:

The deadlines applying to other taxpayers are:

Issue: 4239 / Categories: News , Admin