Creating a flexible loss relief regime

Table of contents

• Original news
• What is the background to this consultation and the current rules?
• What is the government broadly proposing and what is it trying to achieve?
• How does this tie in with the Office of Tax Simplification's (OTS) project on the corporation tax computation?
• How will a group be defined for these purposes and how will the rules apply to consortia?
• Are any additional anti-avoidance rules being proposed?
• Is there any detail on how the rules will interact with the new restriction on the deductibility of corporate interest?
• What is the government proposing for carried forward losses of banks?
• Do you think the suggestions in the consultation document achieve the government's aims?

Article summary

Tax analysis: Complex arrangements governing tax relief on corporation tax losses may be overhauled, with a simplification promising significant advantages to smaller businesses in particular. Pete Miller, of The Miller Partnership in Leicester, explains how the consultation fits within the broader landscape of corporate tax.