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Corporation Tax - Losses Carry Back

Can I carry back a loss for CT purposes for accounts ending October 2017

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I have recently taken over a client who had a loss for the year ending October 2017. This loss however was not carried back for CT purposes and there is another loss in 2018. Can I carry back this loss from 2017 to claim a CT rebateĀ and if so what is the process?

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Hallerud at Easter
By DJKL
15th Jul 2019 09:25

https://www.accaglobal.com/pk/en/technical-activities/technical-resource...

Note the two years re claim, so loss AP 31.10.17 has to be claimed by 31.10.19.

To claim resubmit CT600 re AP 31.10.17, I would also resubmit CT600 re AP 31.10.16 showing the loss brought back and repayment due.

Thanks (1)
RLI
By lionofludesch
15th Jul 2019 09:30

Yes - you're still in time.

I disagree with my learned friend about resubmitting 2016. But you do need to tick the box on the 2017 return to flag up that another year is affected.

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Replying to lionofludesch:
Hallerud at Easter
By DJKL
15th Jul 2019 10:19

Perhaps more your not so learned friend.

It is how I did my last one but appreciate possibly not necessary

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Replying to DJKL:
Psycho
By Wilson Philips
15th Jul 2019 10:25

I think the point in this case is that the 2016 return is out of time for amendment.

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Replying to Wilson Philips:
Hallerud at Easter
By DJKL
15th Jul 2019 10:32

I see, that does make sense- my brain is somewhat slower than normal as I am on holiday; so much rain falling I am presently sitting in my verandah wasting time posting on here.

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Replying to DJKL:
RLI
By lionofludesch
15th Jul 2019 11:22

DJKL wrote:
so much rain falling I am presently sitting in my verandah wasting time posting on here.

Oh - you're in Manchester !

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Replying to lionofludesch:
Hallerud at Easter
By DJKL
15th Jul 2019 11:28

Sunny Sweden.

To be fair it has been reasonable up to now, yesterday was pretty hot until the clouds gathered and the thunder started but right now the rain is bouncing of the verandah and the decking. On the plus side reduces the risk of the well running dry.

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avatar
By Tax Dragon
15th Jul 2019 09:38

A loss from what?

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