Released 04 June 2021
HMRC have updated their guidance covering the rules for the temporary extension of loss carry back for businesses.
Finance Bill 2021 contains provisions for a temporary extension to the loss carry back rules for trading losses of both corporate and unincorporated businesses, which will apply to trade losses for tax year 2020/21 and 2021/22. Trade losses in 2022/23 will be subject to the normal one year carry back rule.
The guidance on amended company tax returns in the Claims section of the guidance has been amended to confirm that businesses do not need to submit an amended company tax return for claims for the accounting periods covered by the extended relief.