CTM04100 - Corporation Tax: trading losses: general: relief for losses carried forward: summary

CTA2010/S45, CTA2010/S137(7)

The loss available for carry-forward is:

• the loss sustained,

less

• any part of that amount for which relief has been allowed under CTA2010/S37 (CTM04500 onwards) or surrendered as group relief (CTM80100 onwards).

For accounting periods ending on or after 30 September 1993 a company does not have to make a claim to carry forward trade losses for set-off against future trading income of the same trade.

Relief is given against available trading income of subsequent accounting periods:

• in order, and
• without omission.

See CTM04150 about the finality of loss figures and CTM04200 about losses of a trading company going into partnership.

See CTM06300 onwards about the disallowance under CTA2010/S673 of trading losses following a change in ownership of a company.