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Terminal losses - Corporation Tax

Hello, I am feeling a little thick today.  No changes there.  Can someone confirm that my thinking on Terminal Losses is correct please.  Here's the scenario:

A company made a profit of £50000 in its usual accounting year to 05/04/09.

It then made a profit of £20000 in the year to 05/04/10.

It then made a loss of £45000 during the year to 05/04/11; £20000 of which was carried back to 05/04/10, with the remaining £25000 carried forward to the following year to 05/04/12.

The company never made it to the end of 05/04/12 and ceased to trade on 31/10/11, making a profit of £3000 in the final period.  This profit was reduced to nil on bringing forward the £25000.  So, a £22000 loss remains.  Terminal losses can of course be carried back 3-years.  But, does this particular £22000 loss qualify as a 'terminal' loss, considering it's in fact brought forward from the previous to 05/04/11?  Yes or no?


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some of it

For terminal loss relief purposes, the loss has to be made in the last 12 months of trading. The terminal loss will therefore be 5/12 x 45000 (the actual calculation should be in days) less the £3,000 profit.

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you may have seen this link already

but just in case, see below



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