Finance Bill 2017 (FB 2017) includes legislation reforming the rules on corporation tax loss relief. The new measures:
provide more flexibility on the types of profit that can be relieved by carried-forward losses incurred after 1 April 2017:
corporate losses arising on or after 1 April 2017 can be carried forward and offset against profits from different types of income and also profits generated by other group companies; and
restrict the amount of losses that can be carried forward to 50% (of profits above £5m) from 1 April 2017: this restriction applies to carried-forward losses arising at any time.
Draft legislation for the core rules of the loss relief reforms and a TIIN were published on 5 December 2016 and further draft legislation was published in January...
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Finance Bill 2017 (FB 2017) includes legislation reforming the rules on corporation tax loss relief. The new measures:
provide more flexibility on the types of profit that can be relieved by carried-forward losses incurred after 1 April 2017:
corporate losses arising on or after 1 April 2017 can be carried forward and offset against profits from different types of income and also profits generated by other group companies; and
restrict the amount of losses that can be carried forward to 50% (of profits above £5m) from 1 April 2017: this restriction applies to carried-forward losses arising at any time.
Draft legislation for the core rules of the loss relief reforms and a TIIN were published on 5 December 2016 and further draft legislation was published in January...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
