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HMRC internal manual

COTAX Manual

HM Revenue & Customs
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Claims / reliefs: loss and non-trading deficits carry-back: legislation: non-trading deficit c/b & late payment interest

The table below gives a brief explanation of what the legislation relevant to this subject contains.

Section Explanation
S459(1), s462 and s463(1) CTA 2009 Allows a company to carry back a non-trading deficit and set it against profits and gains arising on loan relationships for twelve months preceding the deficit period.
87A(4A) TMA 1970 Rules for determining the amount of late payment interest payable when a non-trading deficit is carried back to an earlier AP.