Corporation tax: relief for losses carried forward: losses incurred before 1 April 2017
CTA10/S45, CTA10/S137 (7)
The loss available for carry-forward is:
• the loss sustained,
• any part of that amount for which relief has been allowed against current year profits or carried back to earlier under CTA10/S37 (CTM04500 onwards) or surrendered as group relief under CTA10/PART5 (CTM80100 onwards).
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.