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Agent Update
HMRC has published Agent Update issue 85 providing a round-up of recent developments for tax advisers.
Cross-border trade
The Taxation (Cross-border Trade) (Miscellaneous Amendments) (EU Exit) Regulations SI 2021/697 extend delayed declarations which have been in place since 1 January 2021 and were due to end on 30 June 2021 to 31 December 2021.
Carry back of losses
The Corporation Tax (Carry Back of Losses: Temporary Extension) Regulations SI 2021/704 are supplementary to the legislation in Finance Act 2021 giving a temporary extension to the trading loss carry back rules from 12 months to three years for companies and unincorporated businesses. They provide for the requirements for the submission of loss carry-back allocation statements that are required for group companies wishing to make claims exceeding a de minimis limit of £200 000. This is subject to an overall group cap of £2...
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