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Taxation: Business

Volume 506: debated on Tuesday 2 March 2010

To ask the Chancellor of the Exchequer what estimate he has made of the (a) number of companies which have taken up the three-year carry-back of losses option since its implementation and (b) monetary value of trading losses carried forward under section 393 of the Income and Corporation Taxes Act 1988 in (i) 2007-08, (ii) 2008-09 and (iii) 2009-10. (319335)

In addition to the unincorporated businesses it has supported, HM Revenue and Customs estimated that approximately 11,000 companies have so far used the temporary extension of loss carry-back for trading losses from one year to three years for losses up to £50,000.

The information requested on the pools of trading losses carried forward are available only at disproportionate cost, as they are not directly available from the ‘C7 600 Company Self Assessment Return’.