The Extended Loss Carry Back measure announced in the Spring Budget 2021, enables companies to make claims to carry back losses for a further two years than current rules allow.
Claims that exceed a de minimis of £200,000 must be made in a company tax return. Box 45 (claim or relief affecting an earlier period) on the CT600 should be completed and details of the carry back claims included in the computations that accompany the CT600 and accounts.
There is no need to submit amended returns for the earlier periods to which the extended relief applies as the claims will be treated as amendments to those returns. Amended returns for these periods will be rejected for online submission as, in most cases, they will be out of time for amendment.
Claims below the de minimis limit of £200,000 may be made outside of the company tax return; Work out and claim relief from Corporation Tax trading losses.
Contact us if you need assistance with the above – we will be happy to help!