Commentary

B5.177 Temporary extension to carry back of losses

Business tax
Business tax | Commentary

B5.177 Temporary extension to carry back of losses

Business tax | Commentary

B5.177 Temporary extension to carry back of losses

Finance Bill 2021 introduced an extension to the carry back of trading losses for corporation tax made in accounting periods that end between 1 April 2020 and 31 March 2022. This means that in addition to the usual one-year carry back against total profits, the losses may be carried back a further two years against profits of the same trade which is in part from diversified farmers who are often changing their trade. Losses are carried back against later years in preference to earlier years. There is a £2 million cap for

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