At Budget 2016 the government announced that it will restrict the amount of profit that can be offset by carried-forward losses to 50% from 1 April 2017, whilst allowing greater flexibility over the types of profit that can be relieved by losses incurred after that date. The government ran a consultation on the reforms over the summer and, in responding to this, will take steps to address unintended consequences and simplify administration of the new rules.
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