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HMRC internal manual

Company Taxation Manual

Corporation tax: relief for losses carried forward: losses incurred from 1 April 2017: amount available for carry-forward

CTA10/S45A to 45B

This applies when a company sustains a trade loss on or after 1 April 2017. 

The amount of that loss potentially available to carry forward to the next accounting period for relief against total profits under CTA10/S45A is 

  • the loss sustained, less

  • any part of that amount for which relief has been allowed under CTA10/S37 or which has been surrendered as group relief under CTA10/PART5.

Similarly, the amount of that loss potentially available to carry forward to the next accounting period for relief against profits of the same trade under CTA10/S45B is

  • the loss sustained, less

  • any part of that amount for which relief has been allowed under CTA10/S37 or CTA10/S42 or which has been surrendered as group relief under CTA10/PART5.

Although CTA10/S45A does not refer to relief allowed under S42, the effect is the same. This is because relief under S42 is only available for certain losses of an oil and gas ring-fence trade for which relief under s45A, by carry-forward against total profits, is not available.