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HMRC internal manual

Corporate Finance Manual

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

The carried forward amount

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

FA93/S92DE(2) provides a statutory meaning for ‘carried-forward amount’. This should encompass all losses that can be carried forward for offset against profits of a later accounting period and that may require translation into sterling when offsetting profits of later accounting periods. These are:

  • Trading losses (ICTA88/S393(1))
  • Management expenses (CTA09/S1223)
  • Non-trading deficits from loan relationships (CTA09/S457(3))
  • Non-trading losses on intangible fixed assets (CTA09/S753(3))
  • UK property business losses (ICTA88/392A(2) or ICTA88/392A(3))
  • Overseas property business losses (ICTA88/S392B(1)(b))
  • Certain expenses of insurance companies (ICTA88/S76(12) and ICTA88/S76(13))
  • Losses from miscellaneous transactions (ICTA88/S396(1))
  • Insurance companies: losses from gross roll-up business (ICTA88/S436A(4))
  • Deficits of insurance companies (CTA09/S391(2))
  • Patent income: relief for expenses (CTA09/S925(3))