By now most companies will have been through one tax reporting cycle in which they have had to deal with the 2017 reforms to corporate loss relief – and their first experience of the corporate income loss restriction (CILR) that potentially limits relief for all carry forward losses.
However it is only now as companies start to prepare for the next tax reporting cycle that the full impact of the changes is likely to be felt. That’s because it is in the second reporting cycle – for the first ‘full’ accounting period after 1 April 2017 – that companies may find themselves having to deal with post-1 April 2017 losses (i.e. losses that arose on or after 1 April 2017) as well as those that arose...
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By now most companies will have been through one tax reporting cycle in which they have had to deal with the 2017 reforms to corporate loss relief – and their first experience of the corporate income loss restriction (CILR) that potentially limits relief for all carry forward losses.
However it is only now as companies start to prepare for the next tax reporting cycle that the full impact of the changes is likely to be felt. That’s because it is in the second reporting cycle – for the first ‘full’ accounting period after 1 April 2017 – that companies may find themselves having to deal with post-1 April 2017 losses (i.e. losses that arose on or after 1 April 2017) as well as those that arose...
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: