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Using the extended carry back loss rules for tax repayments

Shared from Tax Insider: Using the extended carry back loss rules for tax repayments
By Sarah Bradford, July 2021

Sarah Bradford explains how the new rules that extend the period for which losses can be carried back might be used to generate a useful tax repayment. 

Many businesses have, unfortunately, incurred losses because of the Covid-19 pandemic. Tax relief is already available for losses, and there are various ways in which losses can be relieved.  

The options available for relieving a particular loss depend on a number of factors, such as: whether it is incurred by a company or an unincorporated business; for unincorporated businesses, whether the business prepares accounts on the accruals basis or the cash basis; and when in the business lifecycle the loss is incurred (with special rules applying to losses in the early years and to terminal losses).  

However, there is now a ‘new kid on the block’, which extends the period for which

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