13 December 2016 UK reforms corporation tax loss relief rules The UK Government is proceeding with its planned reform of the corporation tax loss rules, being: (i) An expansion of the type of profits against which brought forward losses incurred on or after April 1, 2017 can be offset, and (ii) A restriction, in relation to profits incurred on or after April 1, 2017, of the utilization of brought forward losses to 50% of profits (above a £5 million allowance per group). The consultation response document released on 6 December confirmed that the Government remains committed to implementing these reforms with effect from April 1, 2017. Document ID: 2016-2126 |
