CFM64390 - Accounts drawn up in a foreign currency: rates used for translation: meaning of 'carried- forward amount'
CTA10/S17(3)
The carried-forward amount
CTA10/S17(3) provides a statutory meaning for ‘carried-forward amount’. This should encompass all losses that can be carried forward for offset against profits of a later accounting period and that may require translation into sterling when offsetting profits of later accounting periods. These are:
- Post-1 April 2017 trade losses carried forward against subsequent total profits - CTA10/S45A;
- Pre-1 April 2017 trade losses carried forward against subsequent trade profits - CTA10/S45B;
- UK property business losses - CTA10/S62(5);
- Losses of a company with investment business ceasing to carry on property business - CTA10/S63(3);
- Overseas property business losses - CTA10/S66(3);
- Losses from miscellaneous transactions - CTA10/S91(6);
- An amount relating to the I-E basis for insurance companies carried forward under FA12/S73 or 93 for use at step 5 in FA12/S76;
- Deficits of insurance companies - CTA09/S391(2);
- Non-trading deficits from loan relationships - CTA09/S457(3), 463G(6) or 463H(4);
- Non-trading losses on intangible fixed assets - CTA09/S753(3);
- Patent income: relief for expenses - CTA09/S925(3);
- Expenses of management and other amounts - CTA09/S1223.