Limited company set up for consultancy work, this dries up and a few thousand pound of losses c/f from director drawing a salary. Year or so later company takes to delivering vehicles for a fee. Now can the losses c/f be set against the profits from the delivery trade? There has been no change in ownership.
S48 (4) (a) states '(so long as the company continues to carry on the trade)' which would suggest not as the trade of consultancy has stopped.
Any help much appreciated.
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If these are losses from before 1 April 2017, they are only available to set against profits of the same trade.
Losses arising after 1 April 2017 can be set against total profits, not just specifically those of the same trade.
Has Finance (No 2) Bill 2017 got assent yet?
https://services.parliament.uk/bills/2017-19/finance.html
https://publications.parliament.uk/pa/bills/cbill/2016-2017/0156/17156.pdf
If not then whilst I 99% expect it to so do there is 1% of me that has this nagging doubt that the government could fold before it gets it over the line; it all got dumped from the first attempt.