Corporation Tax: trading losses: general: relief for losses carried forward: summary
The loss available for carry-forward is:
- the loss sustained,
- any part of that amount for which relief has been allowed under CTA10/S37 (CTM04500+) or surrendered as group relief (CTM80100+).
For accounting periods ending on or after 30 September 1993 a company does not have to make a claim to carry forward trade losses for set-off against future trading income of the same trade.
Relief is given against available trading income of subsequent accounting periods:
- in order, and
- without omission.
See CTM06300 onwards about the disallowance under CTA10/S673 of trading losses following a change in ownership of a company.