Section 132 — Income Tax Act 2007: Entitlement to claim

Entitlement to claim 132 1 An individual who is eligible for share loss relief may make a claim for the loss to be deducted in calculating the individual's net income—

a for the year of the loss, b for the previous tax year, or c for both tax years. (See Step 2 of the calculation in section 23.) 2 If the claim is made in relation to both tax years, the claim must specify the year for which a deduction is to be made first.

3 Otherwise the claim must specify either the year of the loss or the previous tax year.

4 The claim must be made on or before the first anniversary of the normal self-assessment filing date for the year of the loss.