Extension of the loss carry back rules

Following the recent budget, it appeared that owners of furnished holiday lets (FHL) would be able to use the new extended loss carry back provisions.  This would have allowed losses to be carried back three years during a specific time period.  Unfortunately, the Finance Bill 2021 has been tweaked and does not allow FHL businesses to use the extended new rules. The new rules for extended loss carry back for corporates and other businesses can be found by using this link   https://www.gov.uk/government/publications/extended-loss-carry-back-for-businesses For owners of companies, consideration also now needs to be given whether to carry back the loss or because of the higher tax rates applying from 1st April 2023 whether to carry forward and save tax at the higher rate. If you are interested in using losses to your best advantage then please give us a call for an informal chat.

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