Claims / reliefs: loss and non-trading deficits carry-back: legislation: loss carry-back / late payment interest
The table below gives a brief explanation of what the legislation relevant to this subject contains.
|S37(3)(b) CTA 2010||Allows a company to carry back a trade loss incurred on or after 2 July 1997:|
- that cannot be utilised against profits arising in the AP in which the loss is incurred
- for 12 months preceding the loss period.
|A terminal loss can be carried back for up to three years.|
|87A(6) TMA 1970||Rules for determining the amount of late payment interest payable when a trade loss is carried back to an AP not falling wholly within the previous 12 months.|