From 1 April 2017, there will be a substantial change to how corporation tax losses can be carried forward. Ben Jones and Dean Andrews (Eversheds Sutherland) examine the detail.
The Finance Bill 2017 published on 5 December 2016 and updated with additional drafting on 26 January 2017 contains the full draft provisions for the implementation of changes to the corporation tax carried forward losses regime first announced in the 2016 Budget.
These changes are expressed to modernise corporation tax loss relief by increasing flexibility over the profits that carried forward losses can be relieved against while ensuring that businesses pay tax in each accounting period that they make substantial profits. These objectives are intended to be achieved by two principal reforms:
Losses arising after 1 April 2017 can be carried forward to future periods and either set against taxable profits from different...
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From 1 April 2017, there will be a substantial change to how corporation tax losses can be carried forward. Ben Jones and Dean Andrews (Eversheds Sutherland) examine the detail.
The Finance Bill 2017 published on 5 December 2016 and updated with additional drafting on 26 January 2017 contains the full draft provisions for the implementation of changes to the corporation tax carried forward losses regime first announced in the 2016 Budget.
These changes are expressed to modernise corporation tax loss relief by increasing flexibility over the profits that carried forward losses can be relieved against while ensuring that businesses pay tax in each accounting period that they make substantial profits. These objectives are intended to be achieved by two principal reforms:
Losses arising after 1 April 2017 can be carried forward to future periods and either set against taxable profits from different...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
