Extension of trading loss carry back for businesses

26th April 2009

As announced in the Pre-Budget Report the Chancellor has given some relief to businesses suffering from the effects of the recession by allowing current losses to be carried back against profits of the previous three years with consequent tax repayments resulting. The measure will have effect on and after 22 April 2009 for company accounting periods ending in the period 24 November 2008 to 23 November 2010 and for the two tax years 6 April 2008 through to 5 April 2010 for unincorporated businesses. The additional relief is capped, however, to target the measure at smaller businesses.

Source: Adderblack.co.uk  www.adderblack.co.uk/content/taxcentre_budget/business_tax.html#hiddenAnchorTradingLoss