On 26 May 2016, UK Treasury and HMRC launched a public consultation on the reforms to corporation tax loss relief proposed in the 2016 Budget. The reforms include two main changes:
- Losses arising from 1 April 2017 can be carried forward and set against the taxable profits of different activities within a company and the taxable profits of its group members (currently, certain carried-forwarded losses can only be set against profits from the activities to which they relate) ; and
- The amount o…