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HMRC internal manual

Corporate Finance Manual

Accounts drawn up in a foreign currency: FA 2009: meaning of 'carried back amount'

The ‘carried back amount’

This guidance applies to accounting periods beginning on or after 29 December 2007

FA93/S92DE(1) provides a statutory meaning for ‘carried-back amount’. This should encompass all losses that can be carried back for offset against profits of a previous accounting period and that may require translation into sterling when offsetting profits of earlier accounting periods. These are:

  • Trading losses (under ICTA88/S393A(1)(b))
  • Non-trading deficits from Loan Relationships (CTA09/S459(1)(b))
  • Deficits of insurance companies (CTA09/S389(2))