This measure reforms the tax treatment of certain types of carried-forward loss for Corporation Tax purposes.
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The new rules will apply to all losses arising on or after 1 April 2017. Losses arising before that date will remain subject to the existing rules and can’t benefit from the increased flexibility, but they will be subject to the restriction on the amount of profit that can be relieved by carried-forward losses.
A tax information and impact note has also been published.