HMRC draft legislation: relief for carried-forward losses

31 January 2017

HMRC has published a revised version of draft Finance Bill legislation introducing changes to the treatment of companies' carried-forward losses from April 2017. The legislation allows losses to be set against trading and non-trading profits of a later period, or used as group relief, but the relief will be restricted to a maximum of 50% of  the company's total profits for the period. The revised draft introduces further specific rules for insurance companies, the creative industries and anti-avoidance provisions. Comments on the revised draft are invited by 23 February 2017.

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