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Budget 2024 | The Government has confirmed changes and provided more information on FamilyBoost. Find out more: FamilyBoost

Budget 2024 | The Government has confirmed changes to personal income tax, the independent earner tax credit, in-work tax credit, and the minimum family tax credit. Find out more: Personal income tax threshold changes

Elect into the loss carry-back scheme

Where on your return to claim loss carry-back
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 which period you want to carry the loss back to select “2019” and then select “next”.

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

Claim loss carry-back in your 2019 return

You will need to claim the loss carry-back in your 2019 return when you file it, or by amending your return if you have already filed.

In myIR choose amendment reason 'loss carry-back'.

Select income type 'you are claiming net losses brought forward' from the tab headed “The information below is what Inland Revenue holds”.

If you are filing an IR3, IR4 or IR6, enter the carry-back loss in the “Amount claimed this year” or “Net losses claimed this year” field.

If you are filing an IR8, IR9 or IR44, enter the carry-back loss in the “Amount brought forward” or "Net losses brought forward" field.

Report loss carried back on 2020 return

You will also need to adjust for the loss carried back when you file your 2020 return (the year the loss was made), or the return in myIR is filed.

In myIR enter the loss in the “Other Income” field of your 2020 income tax return.

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 message in myIR.

Loss carry-back group information template

Log in to myIR

Last updated: 28 Apr 2021
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