CFM64390 | Accounts drawn up in a foreign currency: rates used for translation: meaning of 'carried- forward amount'

CTA10/S17(3)

The carried-forward amount

CTA10/S17(3) provides a statutory meaning for ‘carried-forward amount’. This should encompass all losses that can be carried forward for offset against profits of a later accounting period and that may require translation into sterling when offsetting profits of later accounting periods. These are:

• Post-1 April 2017 trade losses carried forward against subsequent total profits - CTA10/S45A;

• Pre-1 April 2017 trade losses carried forward against subsequent trade profits - CTA10/S45B;

• UK property business losses - CTA10/S62(5);

• Losses of a company with investment business ceasing to carry on property business - CTA10/S63(3);

• Overseas property business losses - CTA10/S66(3);

• Losses from miscellaneous transactions - CTA10/S91(6);

• An amount relating to the I-E basis for insurance companies carried forward under FA12/S73 or 93 for use at step 5 in FA12/S76;

• Deficits of insurance companies - CTA09/S391(2);

• Non-trading deficits from loan relationships - CTA09/S457(3), 463G(6) or 463H(4);

• Non-trading losses on intangible fixed assets - CTA09/S753(3);

• Patent income: relief for expenses - CTA09/S925(3);

• Expenses of management and other amounts - CTA09/S1223.