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31 May 2016

UK issues consultation on reform of corporation tax loss relief

At the time of the 2016 Budget, the UK Government announced proposals for the reform of corporation tax loss relief, increasing groups' flexibility to use carried forward losses while potentially restricting the amount of losses that can be used in any one year. The consultation asks for responses by August 18, following which draft legislation will be published at Autumn Statement 2016, allowing for a period of technical consultation ahead of its inclusion in the 2017 Finance Bill.

A Tax Alert prepared by Ernst & Young UK, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-0942

Document ID: 2016-0942

 

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