<dc:identifier>http://www.legislation.gov.uk/uksi/2021/704/regulation/1/made</dc:identifier>
<dc:title>The Corporation Tax (Carry Back of Losses: Temporary Extension) Regulations 2021</dc:title>
<dc:language>en</dc:language>
<dc:publisher>King's Printer of Acts of Parliament</dc:publisher>
<dc:modified>2021-06-14</dc:modified>
<dc:subject scheme="SIheading">CORPORATION TAX</dc:subject>
<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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