Budget 2021: CT losses have extended carry back
Katherine Ford examines the new carry back rules for corporate trading losses. These are similar to the changes for income tax losses, but there are key differences for groups of companies.
Replies (1)
Please login or register to join the discussion.
HMRC has updated their guidance today as follows. What should particularly be noted is that a claim may not be made until Royal Assent which is not expected until mid July :
Making a de minimis claim
If a company wishes to make a de minimis claim outside the company tax return, you should send a letter to the company’s usual HMRC contact address for Corporation Tax, setting out all the relevant information such as:
*company name and UTR
*details of the accounting period during which the loss was incurred
*evidence of the loss incurred in the form of draft management accounts
*details of the amount of the loss to be carried back to the relevant periods
*company bank details for repayment purposes
Claims should not be made until the Finance Bill receives Royal Assent which is expected to take place around mid-July.