http://www.legislation.gov.uk/uksi/2021/704/contents/madeThe Corporation Tax (Carry Back of Losses: Temporary Extension) Regulations 2021enKing's Printer of Acts of Parliament2021-06-14CORPORATION TAX Section 18 of, and Schedule 2 to, the Finance Act 2021 (ch. 26, “FA21”) provide for a temporary extension to the carry back of trading losses from one year to three years, for losses up to £2,000,000 per 12-month period for companies and groups of companies. This has effect for companies with accounting periods ending between 1 April 2020 and 31 March 2022. A company may not make a claim that exceeds £200,000 unless the total of all other claims made by the company, and any other members of the group of which the company is part, does not exceed £2,000,000. In order to apply this £2,000,000 cap, FA21 requires groups to specify on a loss carry-back allocation statement how the losses are to be applied. These Regulations provide for the requirements for the submission of loss carry-back allocation statements. The Corporation Tax (Carry Back of Losses: Temporary Extension) Regulations 2021 PART 1Preliminary1Citation and commencement2Interpretation PART 22020 loss carry-back allocation statement3The 2020 nominated company42020 loss carry-back allocation statement5The aggregate of the amounts specified under regulation 4(2)(h) (and...6Amendment of the 2020 loss carry-back allocation statement7Subsequent 2020 de minimis claims PART 32021 loss carry-back allocation statement8The 2021 nominated company92021 loss carry-back allocation statement10The aggregate of the amounts specified under regulation 9(2)(h) (and...11Amendment of the 2021 loss carry-back allocation statement12Subsequent 2021 de minimis claims PART 4General provisions13Time limits14Recovery of overpaid relief 2021 No. 704 Corporation Tax The Corporation Tax (Carry Back of Losses: Temporary Extension) Regulations 2021 Made at 12.00 p.m. on 14th June 2021 Laid before the House of Commons at 4.00 p.m. on 14th June 2021 Coming into force 6th July 2021 The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by paragraph 11 of Schedule 2 to the Finance Act 2021. 2021 c. 26.
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<dc:description>Section 18 of, and Schedule 2 to, the Finance Act 2021 (ch. 26, “FA21”) provide for a temporary extension to the carry back of trading losses from one year to three years, for losses up to £2,000,000 per 12-month period for companies and groups of companies. This has effect for companies with accounting periods ending between 1 April 2020 and 31 March 2022. A company may not make a claim that exceeds £200,000 unless the total of all other claims made by the company, and any other members of the group of which the company is part, does not exceed £2,000,000. In order to apply this £2,000,000 cap, FA21 requires groups to specify on a loss carry-back allocation statement how the losses are to be applied. These Regulations provide for the requirements for the submission of loss carry-back allocation statements.</dc:description>
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<ContentsTitle>The Corporation Tax (Carry Back of Losses: Temporary Extension) Regulations 2021</ContentsTitle>
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<ContentsNumber>PART 3</ContentsNumber>
<ContentsTitle>2021 loss carry-back allocation statement</ContentsTitle>
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<ContentsTitle>General provisions</ContentsTitle>
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<Number>2021 No. 704</Number>
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<Title>Corporation Tax</Title>
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<Title>The Corporation Tax (Carry Back of Losses: Temporary Extension) Regulations 2021</Title>
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<DateText>at 12.00 p.m. on 14th June 2021</DateText>
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<DateText>at 4.00 p.m. on 14th June 2021</DateText>
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The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by paragraph 11 of Schedule 2 to the Finance Act 2021
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<Citation URI="http://www.legislation.gov.uk/id/ukpga/2021/26" id="c00001" Class="UnitedKingdomPublicGeneralAct" Year="2021" Number="0026">2021 c. 26</Citation>
.
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