This new test applies in relation to tax losses incurred in a tax year starting on or after 1 July 2015. The revised ‘Similar Business Test’ and the new opportunities it presents are discussed below. If there has been a greater than 50% change in the ownership of the shares, company losses are lost unless the company meets the “Similar Business Test”.Īcknowledging how hard it is for a loss company to pass the strict ‘Same Business Test’, the ‘Similar Business Test’ was made law by the Government on 1 March 2019 and applies retrospectively to tax years starting on or after 1 July 2015. Q3 – Has the “same business test” been watered down to make it easier to maintain and carry forward company losses?
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