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A ‘De Silva’ lining?
KEY POINTS
- The purpose of TMA 1970 Sch 1A is to assist the cashflow of taxpayers when making valid claims.
- A claim to carry back a loss made outside a tax return may be enquired into under Sch 1A.
- Although a claim has been made outside a return under Sch 1A a claim to carry back must be included in the return in which the loss is reported.
- Relief given in respect of such a Sch 1A claim would need to be included in the tax return reporting the loss to establish the amount chargeable to income tax in that year.
- An enquiry into the tax return under TMA 1970 s 9A extends to a carry back loss claim necessarily included in the return reporting the loss.
On...
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