GRI

CTM05040 – Corporation tax: restriction on relief for carried-forward losses: modified total profits

News Financial services Law & Policy Updates
Date: 18th Mar, 2025 Source: Her Majesty’s Revenue and Customs (HMRC) Country: United Kingdom Original Source

Brief

On March 18, 2025, Her Majesty’s Revenue and Customs (HMRC) issued an update regarding CTM05040 - Corporation tax: restriction on relief for carried-forward losses: modified total profits. The updated guidance provides a step-by-step process for calculating the modified total profits of a company's accounting period, excluding certain deductions, including trade losses that are carried forward, oil and gas ring fence losses, and non-trading loan relationship deficits.

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Her Majesty’s Revenue and Customs (HMRC)

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