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Finance Bill 2017: what’s changed since the draft legislation

This report, by the Lexis®PSL Tax, Private Client and Pensions teams, highlights the key provisions in the 2017 Finance Bill, published on 20 March, that have not been previously published in draft, or which have been published with significant amendments since the last draft.

Corporate

Carried-forward losses

Finance Bill 2017 (FB 2017) includes legislation reforming the rules on corporation tax loss relief. The new measures:
provide more flexibility on the types of profit that can be relieved by carried-forward losses incurred after 1 April 2017:
 
  • corporate losses arising on or after 1 April 2017 can be carried forward and offset against profits from different types of income and also profits generated by other group companies; and
  • restrict the amount of losses that can be carried forward to 50% (of profits above £5m) ...

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