When losses of one company are group relieved to another company can anybody help me with the following:
1. Are the group losses be relieved against total profits of the receiving company? (including Schedule D, Schedule A and Schedule DIII Profits).
2. Is it possible to group relief losses from one company to another and then to carry back the group relieved losses in the receiving company? I am trying to relief losses in the most beneficial way and in the previous year the receiving company is into the marginal rate of tax and the other has no taxable profits.
Any advice would be very much appreciated.
Regards
Chris
Chris Temblett
Related resources
Replies (1)
Please login or register to join the discussion.
Group relief
Subject to ownership etc... then losses can only be surrendered to a company in a year they are incurred. The company claiming the group relief can use them in that year
The claimant company can set off losses against total profits for its corresponding accounting period