Policy paper

Draft legislation: relief for carried-forward losses

This measure reforms the tax treatment of certain types of carried-forward loss for Corporation Tax purposes.

• From: HM Revenue & Customs
• Published: 26 January 2017

Documents

Draft legislation: relief for carried-forward losses

PDF, 537 KB, 96 pages

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Explanatory note for relief for carried-forward losses - clause 1 and schedule

PDF, 311 KB, 32 pages

Explanatory note for relief for carried-forward losses - clause 2

PDF, 142 KB, 3 pages

Details

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.

Comments about this legislation should be send to Claire White by email: claire.white@hmrc.gsi.gov.uk or Clare Dunne by email: clare.e.dunne@hmrc.gsi.gov.uk by 23 February 2017.

Published 26 January 2017