The Corporation Tax (Simplified Arrangements for Group Relief) (Amendment) Regulations, SI 2018/9, which come into force on 30 January 2018, amend the rules on simplified arrangements for group relief claims to include surrenders of group relief for carried-forward losses for accounting periods beginning on or after 1 April 2017. Current rules on group relief only allow losses to be surrendered for the year in which they arise.
Legislation in Finance (No 2) Act 2017 introduced greater flexibility in the use of carried-forward losses from April 2017, including group relief. Companies already using the simplified arrangements, which involve a nominated company making claims on behalf of other members of a group, will have to make a further application in respect of carried-forward losses.
HMRC consulted during October and November 2017 on a draft version of the regulations.
The Corporation Tax (Simplified Arrangements for Group Relief) (Amendment) Regulations, SI 2018/9, which come into force on 30 January 2018, amend the rules on simplified arrangements for group relief claims to include surrenders of group relief for carried-forward losses for accounting periods beginning on or after 1 April 2017. Current rules on group relief only allow losses to be surrendered for the year in which they arise.
Legislation in Finance (No 2) Act 2017 introduced greater flexibility in the use of carried-forward losses from April 2017, including group relief. Companies already using the simplified arrangements, which involve a nominated company making claims on behalf of other members of a group, will have to make a further application in respect of carried-forward losses.
HMRC consulted during October and November 2017 on a draft version of the regulations.
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