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Tax credits and losses b/fwd revisited

Tax credits and losses b/fwd revisited

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Can old losses b/fwd pre tax credits still be used against profits for 2004/05 for the purposes of Tax credits?

Extract from Additional Revenue Guidance issued in March 2004.
"Secondly, on the matter of claimants bringing forward trading losses from years prior to 2001-02 in accordance with the original claim form guidance notes, the Revenue have confirmed that they have no objection to these claimants obtaining relief" - but this would appear to relate to a specific question posed about losses b/fwd being set against 2001/02 income.

TC825 working sheet only refers to "losses of the year" with no reference to b/fwd losses.

On the face of it, "old" losses cannot be so relieved for tax credit puposes. Does anyone agree - or disagree?

Kevin Salter

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By dorothysaint
10th Aug 2005 10:42

brought fwd losses for tax credits.
I too have had some difficulty with this. I think you can use earlier years losses brought fwd to 01/02 and not utilised. I have referred to the comment you quote and also link is to the low income taxes reform group where it states that for tax credit purposes ,unused losses brt fwd to 01/02 can be utilised.Hope this helps and that you agree! There seems to be a distinct lack of clarity with regard to losses and not much interest from accounting web member

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