Claiming Share Loss Relief In Self Assessment Return

[tg99]

Am looking to claim share loss relief against 15-16 income in my 16-17 tax return. Having input the amount in the 'losses against income - amount claimed against 2015- 16 income' box in the unlisted shares part of the capital gains section, I had thought this would generate the tax relief payment figure in the overall tax return calculation section but nothing has changed.

Later on in the return there is a section Adjustments to Tax Due with one of the boxes called 'decrease in tax due because of adjustments to an earlier year' so I tried putting in there what the figure should be but it won't let me as the error message below comes up:

"You cannot enter an amount for 'Decrease in tax due because of adjustments to an earlier year' since your return does not contain any adjustments which would effect the tax due for a previous year, Please amend."

Does anyone know what I'm doing wrong ? Thanks

[bd6759]

Hve you also put the loss in box 35 as well as box 41?

[tg99]

Yep 35 and 43 (as 43 is using it against 15-16 income whereas 41 is for using against 16-17 income). And the end of tax return calculation has not deducted the loss in 35 from the net capital gains on which tax is due (correctly, as obviously cannot claim it against capital gains as I am instead electing to claim it against income).

[bd6759]

Sorry, I missed that part of the question. Relief is normally given by HMRC putting a credit in your statement to the value of the relief that is due.

The amount of the relief cannot be seen as an adjustment to the compuation because it does not know how much tax you paid in 2015-16. Once the return is submitted the system should generate the credit.

[tg99]

Thanks for your reply. When you say the system will generate a credit when the return is submitted, is this an automatic process that automatically calculates the credit and generates a repayment or is it something that HMRC have to do manually and I need to follow up / write to them to get the credit? Reason I ask is that I thought if it was generated by the system automatically wouldn't it happen like it does for claiming other reliefs in your tax return - e.g. EIS, VCT subscriptions - where the relief shows in your calculation before you submit it?