Part 2 Corporation Tax
Finance Act 2021 (2021 c 26) | Legislation

Part 2 Corporation Tax

Relief for trade losses incurred in accounting periods ending in financial year 2020 or 2021

4

(1)     Sections 37(3)(b) and 38(1) and (3) of CTA 2010 (relief for trade losses against profits of same or earlier accounting period) have effect in relation to any loss to which this paragraph applies as if references to 12 months were references to 3 years (but subject as follows).

(2)     This paragraph applies to any loss incurred by a company in a trade in a relevant accounting period.

(3)     In this paragraph “relevant accounting period” means an accounting period that ends in the period beginning with 1 April 2020 and ending with 31 March 2022.

(4)     Sub-paragraph (5) applies where—

(a)     a loss incurred by a company in a relevant accounting period (“the relevant loss”) is, to any extent, relievable under section 37 of CTA 2010 by virtue of this paragraph, and

(b)     some but not all of the relevant loss is also relievable under that section by virtue of section 40 of that Act (ring fence trades: extension of periods for which relief may be given).

(5)     A claim for relief under section 37 of

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Directors’ remuneration

Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their

LEXISNEXIS

Standard of care in professional negligence claims

Standard of care in professional negligence claimsThis Practice Note considers the standard of care in professional negligence claims, originally formulated in Bolam v Friern Hospital as being that of reasonable skill and care but now reconsidered following Montgomery v Lanarkshire Health. It

LEXISNEXIS

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to continue with the contract, should they document their intention to continue or enter into a new contract?Long-stop dateAs stated in the Drafting Notes to clause: Long-stop date definition, the

LEXISNEXIS

Notice to complete

While this Practice Note primarily covers commercial property matters, it also touches on residential considerations.Time is generally not of the essence for completion of a contract for the sale of land. If the seller or the buyer delays completion, the defaulting party will be liable in damages