HMRC’s Extended loss carry back for businesses guidance has been updated to clarify that, even where companies have enough losses to enable them to make extended loss carry-back claims under the temporary provisions for accounting periods ending between 1 April 2020 and 31 March 2022, they can instead choose to claim the one-year carry back under the pre-existing rules or not make a claim at all.
Although not mentioned in the guidance, many companies may decide to take the cashflow advantage of making the full extended loss relief claim, while others may consider the possibility of relief at 25% from April 2023, when the main rate of corporation tax is increased.
HMRC’s Extended loss carry back for businesses guidance has been updated to clarify that, even where companies have enough losses to enable them to make extended loss carry-back claims under the temporary provisions for accounting periods ending between 1 April 2020 and 31 March 2022, they can instead choose to claim the one-year carry back under the pre-existing rules or not make a claim at all.
Although not mentioned in the guidance, many companies may decide to take the cashflow advantage of making the full extended loss relief claim, while others may consider the possibility of relief at 25% from April 2023, when the main rate of corporation tax is increased.
