Tax relief for losses extended to allow 3 year carry back

March 3, 2021|In KRW Tax news|By Keith Witchell

In a bid to help businesses adversely affected by COVID, the usual rules that allow a business to carry back losses for one year have been amended to allow losses made in the 2020/21 and 2021/22 tax years to be carried back and offset against profits in the previous 3 years. Alongside this the usual cap on losses that can be carried back of £50,000 has been increased to £2 million.

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Keith Witchell