Historical year and filing window
This form specifically concerns estimated unabsorbed capital allowances/trade losses for YA2021. It could be submitted after the company’s financial year-end and before filing the actual YA2021 return, via myTax Portal “Submit Document” with revised prior-year computations. It is not an open-ended current-year election form. The stated completion estimate is five minutes, not an approval time.
Company particulars and relief choice
Part1 gives company name and tax reference. Part2 selects ordinary one-year carry-back to YA2020 or enhanced three-year carry-back, first YA2018 then YA2019 then YA2020 where applicable. State estimated unabsorbed capital allowances and trade losses separately by tax rate; the printed table includes17% and10% plus other-rate rows. The source does not itself state a relief cap, so no amount limit should be inferred from this form.
Computations and provisional amounts
Part3 marks revised computations enclosed for YA2018,2019 and/or2020. Estimates are provisional pending finalisation of YA2021 tax matters. IRAS will not accept revisions to the elected estimated allowances/losses after submission until the actual YA2021 return is filed. Distinguish that restriction from the final determination of actual amounts.
Shareholding and same-business declarations
Declare no substantial change in ultimate shareholders/shareholdings at the relevant dates. For capital allowances the dates are first day of the YA they arose and last day of the YA used. For trade losses they are first day of the year the loss was incurred and last day of the YA used. The no-change-in-trade/business declaration applies to capital-allowance carry-back. Do not apply the capital-allowance date wording blindly to trade losses.
Irrevocable election and signatory details
Part4 acknowledges the election is irrevocable and certifies truth/correctness. Give the electing person’s full name, capacity, election date and contact number. False/incorrect declarations are subject to Income Tax Act penalties. Keep the chosen route, amounts, enclosed computations and declaration consistent; this historical form does not independently establish that the company passed the tests.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗