As previously set out in earlier Newsbriefs, the PRT claim and assessment time limits have been harmonised with those for other taxes, with the limits generally being reduced to 4 years, rather than the original 6 years.
These changes are effective for claims and assessments made on or after April 1, 2011.
The most significant aspect for taxpayers is the reduction in the period for making certain expenditure claims. For claim periods ending on or after June 30th 2007 the new 4 year deadline will apply. Claims in respect of claim periods ending between June 30 2005 and December 31 2006, which would still be in time under the old 6 year rule, will therefore have to be made before the end of this month.
It is assumed that most readers’ Schedule 5 and Schedule 6 expenditure claims will be up to date, but it is recommended that a review be undertaken before the end of the month to ensure that this new deadline is not missed.
CW Energy LLP
March 2011