Although most companies have had some experience of the 2017 reforms to corporate loss relief, the first ‘full’ accounting period after 1 April 2017 will find companies having to deal with losses that arose both before and after the 1 April 2017 transition date. The key differences between old and new losses concern the profits against which losses can now be offset on a carry forward basis and how relief is obtained. There are now three principal categories of carry forward loss relief: ‘streamed’ trading losses; ‘streamed’ non-trading deficits’ and ‘flexible’ losses, with different rules applying to each type. This practice guide considers the post-2017 (income) loss landscape.
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Although most companies have had some experience of the 2017 reforms to corporate loss relief, the first ‘full’ accounting period after 1 April 2017 will find companies having to deal with losses that arose both before and after the 1 April 2017 transition date. The key differences between old and new losses concern the profits against which losses can now be offset on a carry forward basis and how relief is obtained. There are now three principal categories of carry forward loss relief: ‘streamed’ trading losses; ‘streamed’ non-trading deficits’ and ‘flexible’ losses, with different rules applying to each type. This practice guide considers the post-2017 (income) loss landscape.
If you are not a subscriber, subscribe now to read this content.
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