Edition 2nd
Published November 2020
Length 379 pages
Suitable for Tax advisers, in-house tax departments
Price 85.00
ISBN 9781912386079

Tax Losses


Many businesses are incurring losses in these exceptionally difficult times. This book clearly explains how to make use of the various reliefs to ensure that all available tax benefits are given for the losses.

It covers losses incurred by companies, partnerships and individuals, including property losses and capital losses as well as trading losses.

The new edition has more than doubled in size, with greatly expanded coverage of corporate tax losses in particular. 

A clearly written, practical guide to the options for relieving tax losses, written by Katherine Ford BCom FCCA CTA. The second edition of the book covers income tax, CGT and CT losses, all in depth and fully illustrated with plenty of worked examples. 

"A comprehensive but manageable guide to tax losses." TAXline review of first edition

Katherine Ford is the manager of the direct tax telephone advice team at Markel Tax. The author's practical experience is evident throughout the book, making it much more than just a statement of the law.

The second edition also explains more recent case law developments (e.g. Beacon re whether a trade is commercial), has additional HMRC guidance (e.g. re gaps in trading), and has expanded coverage where appropriate (e.g. more on the interaction with farm averaging claims).

CONTENTS (and see full table of contents at bottom of this page)

Individuals, personal representatives and trustees
  • Trading losses
  • Pre-trading and post-cessation expenses
  • Employment income
  • Property losses
  • Capital losses
  • Miscellaneous transactions
  • Loss restrictions
  • Trading losses
  • Intangible fixed assets
  • Deductions allowance
  • Loan relationships
  • Property losses
  • Group relief
  • Management expenses
  • Anti-avoidance
  • Capital losses
  • Miscellaneous transactions

New material for this edition includes

- Substantial updates covering the relaxation of the reliefs for corporate losses
- Separate chapters for the different types of corporate losses
- Detailed coverage and examples for the corporate loss restriction
- Group relief for carried-forward losses
- Losses arising under NRCGT, including the extension to all UK land disposals
- All examples, commentary and references have been reviewed and updated as appropriate

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