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To access this screen select Edit | Losses and then select the Edit Multiple Trade Losses option for the relevant corporation tax accounting periods (CTAP).
The loss allocation table will display each trade that has been created in the Trade Maintenance screen. This screen will allow you to review and amend the losses for each trade as follows:
Trading Profit / Loss - This will display the net profit / (loss) for each trade. The amount is automatically calculated by IRIS Business Tax.
Brought forward - The legacy trade brought forward losses may be allocated to a single trade; therefore it will be necessary to verify that the trade brought forward loss has been allocated to the correct trade(s). In future years, Business Tax completes this field when you run the Bring Forward option. Business Tax sets the [Trade] loss brought forward against the [Trade] Net Profit for the period.
Less utilised against trading income - Business Tax automatically completes this field for each [Trade] entity. The value calculated for the company is also shown in box 4 of the CT600.
Less utilised against other multiple trades income - There is no requirement that the loss from a trade [Trade A], needs to be set against the profits of another trade [Trade B]. However in practice, the company is likely to have the loss from one trade, set off against the profits of another trade. The amount that is allocated between each of the trades must result in the company having a nil balance.
Less utilised against investment income - Under certain circumstances trading losses for a [Trade] may be set against investment income in the period.
Losses arising in the CTAP - This field is automatically calculated for each trade.
Brought back - When you are bringing back a [Trade] trading loss made in a future CTAP and utilising it in the current period for the same [Trade], enter the amount of the loss allowable for set off against this [Trade] field.
Less utilised against total profits - Where the [Trade] has made a loss in the CTAP, enter the amount that is to be utilised.
Less loss carried back - Where you carry back a [Trade] loss made in the current CTAP to an earlier CTAP, enter the [Trade] carry back amount in this field.
Less surrendered to group relief - The [Trade] field is only accessible if the Surrender as Group Relief tab has been completed in the Group and Consortium (CT600C) data screen. Enter the amount that is to be surrendered for each trade.
Less unavailable to carry forward - If there are [Trade] losses that are to be written off / or should not be carried forward enter the amount for the [Trade].
Amount to carry forward -- This value is automatically generated by Business Tax for each [Trade].
Select Update totals to refresh the trade specific data to the Corporation Tax Losses data screen for the main company.