HMRC has updated its guidance on extended loss carry-back claims for companies and unincorporated businesses to add information on submission of amended company tax returns and making a de minimis claim outside of a company tax return.
Where a company tax return is amended to claim the extended loss carry-back, the return should not be submitted online, because the normal 12-month window (from the filing date for the accounting periods in question) to amend the return will have expired and the claim will be rejected. Where extended loss carry-back is claimed on the CT600, companies are advised to complete box 45 (‘claim or relief affecting an earlier period’).
Companies wishing to make a standalone, de minimis claim outside the company tax return, should send a letter to their usual HMRC contact address for corporation tax, setting out all the relevant information.
The guidance notes that claims should not be made until royal assent is given to Finance Act 2021 – which is expected ‘around mid-July’.
The guidance has also been updated to clarify that the measure will not apply to losses of a furnished holiday lettings business that is treated as a trade under ITA 2007 s 127, reflecting an amendment made to Sch 2 of the Finance Bill during the Committee stages.
HMRC has updated its guidance on extended loss carry-back claims for companies and unincorporated businesses to add information on submission of amended company tax returns and making a de minimis claim outside of a company tax return.
Where a company tax return is amended to claim the extended loss carry-back, the return should not be submitted online, because the normal 12-month window (from the filing date for the accounting periods in question) to amend the return will have expired and the claim will be rejected. Where extended loss carry-back is claimed on the CT600, companies are advised to complete box 45 (‘claim or relief affecting an earlier period’).
Companies wishing to make a standalone, de minimis claim outside the company tax return, should send a letter to their usual HMRC contact address for corporation tax, setting out all the relevant information.
The guidance notes that claims should not be made until royal assent is given to Finance Act 2021 – which is expected ‘around mid-July’.
The guidance has also been updated to clarify that the measure will not apply to losses of a furnished holiday lettings business that is treated as a trade under ITA 2007 s 127, reflecting an amendment made to Sch 2 of the Finance Bill during the Committee stages.
