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Permanent loss carry-back scheme coming

Staff reporters
Thu, 30 Apr 2020

The government intends to enact a permanent version of the loss carry-back tax scheme introduced in response to the covid-19 impact on firms’ profitability.Legislation to introduce a temporary version of the scheme was introduced to Parliament today.A permanent scheme is envisaged from the 2021/22 tax year, notes with the Covid-19 Response (Taxation and Other Regulatory Urgent Measures) Bill say.“The longer-term regime may be more traditional, such as not allowing a refund before the loss has been established and may have more...

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