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Restrictions imposed by Section 1085 TCA 1997

curioussligo · 2012-10-04 16:40:06

Quick query, Have a profit in current year of about 3K. Have losses forward of over 100K. Corporation Tax Return is now late since last Monday. My question is, is my losses forward restricted to 50% or does that only apply if I wish to offset to another trade. e.g. Case IV? Basically, as I'm late filing it, am I still…

04-10-2012 4:40pm

#1

curioussligo

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Join Date: September 2012

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Quick query,

Have a profit in current year of about 3K. Have losses forward of over 100K. Corporation Tax Return is now late since last Monday. My question is, is my losses forward restricted to 50% or does that only apply if I wish to offset to another trade. e.g. Case IV?

Basically, as I'm late filing it, am I still entitled to full amount of losses forward to be offset to the small profit?

Thanks in advance

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Comments

#2 04-10-2012 9:37pm

barneystinson

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Posts: 4605

S.1085 doesn't apply to losses carried forward (as these are relieved under S.396(1)); it applies to losses carried back to the preceding accounting period or set-off sideways, and several other reliefs.

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