Budget 2009: Loss measures announced in November improved

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The extended loss carry back measures announced in November 2008 have been extended in the Budget.

The measure will now permit losses arising in the two years from 24 November 2008 to 23 November 2010 to be carried back against the profits of the preceding three years. For income tax this will apply to losses in the tax years 2008/09 and 2009/10. This extends the loss making period from one to two years, and had been widely lobbied for by the tax profession.

There was no news in the speech concerning the "cap" of 50,000 on the amount of losses carried back, but this will be clear once the budget papers are available.

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