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Elect into loss carry-back scheme

You can do this in the ‘I want to’ section of your income tax account in myIR by selecting “Opt-in to carry-back loss”.  

When asked if you want to estimate your provisional tax select “no”, then select 'next'.

Review your details and submit and confirm your information is correct.

Claim loss carry-back in your statement of activity

Enter an adjustment for the loss carry-back in your statement of activity in the “Other Adjustments” field and include “Loss Carried Back 31/03/20” as the description.

Claim loss carry-back in your return

You will need to claim the loss carry-back in your 2020 return when you file it, or by amending your return if you have already filed.

In myIR choose amendment reason “loss carryback”.

Select income type “you are claiming net losses brought forward”.

Enter the carry-back loss in the “Net losses claimed this year” field or if you are filing an IR7 “Other income” or “Net losses brought forward” for an IR8, IR9 or IR44.

2021 loss year return

You will also need to adjust for the loss carried back when you file your 2021 return (the year the loss was made). If you are part of a group you are also required to provide your group information. You can download the template, fill in your details and send the template back to us as a secure message in myIR.

Loss carry-back template