SolvedCOM110122 | Pursuit: automatic and clerical pursuit: legislation: losses carried back
From HM Revenue & Customs · COTAX Manual
The table below gives a brief explanation of what the legislation relevant to this subject contains.
| Legislation | Explanation |
|---|---|
| 87A Taxes Management Act (TMA) 1970 | Charges late payment interest on mainstream CT |
| 87A(4A) TMA 1970 | Provides that a carry-back of a non-trading deficit on loan relationships is not effective for late payment interest purposes until the normal due date for the AP in which the deficit arises |
| 87A(6) TMA 1970 | Provides that a carry-back of a trading loss is not effective for interest purposes until the normal due date for the AP in which the loss is incurred, unless the carry-back is for not more than twelve months |
| 39 F(No2)A 1997 | Amends S393A Income and Corporation tax Act (ICTA 1988), so that losses arising in APs ending on or after 02/07/1997, may only be carried back for a period of one year. |
| 40 F(No2)A 1997 | Amends S83(2) Finance Act (FA) 1996, so that non trading deficits arising in APs ending on or after 02/07/1997, may only be carried back for a period of one year. |