Corporate tax update - Final quarter 2015

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the final quarter of 2015.

On 14 December 2015, the First-tier Tribunal held that trading losses are available to be carried forward even if they are not included in a corporation tax return (as they form part of the calculation of taxable profits in the return of a subsequent year). It was the Tribunal’s view that the four-year time limit for making an assessment applied only to HMRC assessments, and not self-assessments.