Market leading insight for tax experts
View online issue

Other cases that caught our eye: 30 June 2023

Carry back of corporation tax losses: In Civic Environmental Systems Ltd v HMRC [2023] EWCA Civ 722 (26 June 2023) the taxpayer company had made a claim to carry back corporation tax losses to a previous accounting period (which generated a repayment of tax from HMRC). When the claim was initially made it was the understanding of the company that the losses carried back exceeded the profits available to set off against. Following an enquiry by HMRC (and subsequent appeal to the FTT) it was found that the profits for the relevant accounting period had been understated; however the FTT and the UT decided that notwithstanding the increase to the profits for the relevant period (and the excess of carried back losses) only the initial amount of losses claimed could be set off against the increased profits. The CA dismissed the appeal finding that ...

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:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
EDITOR'S PICKstar
Top