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Extended carry back for corporate losses: How it works

Shared from Tax Insider: Extended carry back for corporate losses: How it works
By Sarah Bradford, November 2021

Sarah Bradford looks at how companies can take advantage of the limited-time extension to the carry back period for certain losses. 

Many companies have suffered losses because of the impact of the Covid-19 pandemic. Where a company has suffered a loss, if it has made a profit previously or will do so again in the future, it is possible to obtain relief for that loss.  

There are various ways in which this can be achieved, the main ones being setting the loss against total profits of the same accounting period, carrying the loss back against total profits of the previous accounting period, or carrying it forward and setting it against future profits of the same trade. Special rules apply to losses made in the opening years of the business, and in the final year. 

The options for utilising losses are increased for a limited period with the introduction of an extended&nbsp

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