You must let us know if you are going to use the loss carry-back scheme. You can do this in the ‘More’ section of your income tax account in myIR account. If you are not registered for myIR, find out what you can do in myIR and register here.
You can claim refunds of overpaid tax from claiming a loss carry-back – refunds will a lot be quicker if the loss carry-back is claimed through myIR. Please ensure you have a bank account loaded against the INC tax type for refunds.
If you do not use myIR you may use our call-back option to notify us of your details. Your refund will take longer to process.
Claiming a loss carry back in 2020 from 2021 year
You can amend your 2020 tax return in myIR to include losses you are carrying back from 2021, or include them in your 2020 return if you haven’t filed it.
Claiming a loss carry-back in 2019 from the 2020 year
You can amend your 2019 tax return in myIR to include losses you are carrying back from 2020, or include them in your 2019 return if you haven’t filed it.
What if I get it wrong?
If you carry back more loss than you have available, resulting in underpaid tax, use-of-money interest will apply. You cannot use the COVID-19 use of money interest relief provision when any tax is underpaid because of a loss carry-back.
Standard business records
You do not need to provide supporting evidence when you claim a loss carry-back. You must keep standard business records to show the loss. We could ask for the records as part of our compliance activities.
If you are a part of a wholly-owned group you will be required to provide your group information when you file your loss year return, including details of group members and offsets made.
File loss year return on time
Where the tax return in which the loss arises is not filed on time, the loss claimed in the year before may be added back.