Am I missing something, it happens, I can't find Aweb discussion on this.
Scenario: March year end. Company spare cash in the bank, big pension contribution 2020 created CT loss carried back to 2019 and received a CT refund. 2021 loss (Covid). Future profit uncertain - close to retirement. So ordinarily another lump sum pension may not get CT relief. BUT. Budget March 2021, temp carry back 3 years. More CT relief 2017 and 2018.
Is the temporary 3 year loss carry back proposal finalised? Need to know sharpish to get pension payment done.
https://www.accountingweb.co.uk/tax/business-tax/budget-2021-corporation...
Replies (4)
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Not sure what you mean by finalised. The provision concerned is in para 4 Sch 2 to the Finance Bill published last week. The Bill has not had its second reading yet and on normal form will become final, ie an Act, in July. There is no Budget Resolution to give it immediate effect, so you will have to gauge the chances of that provision in the Bill not becoming law - slim to very slim indeed, I'd have thought. Think of the furore were it to be scrapped.