Finance Act 2021

Loss carry-back allocation statements

11 (1) The Commissioners must by regulations make provision—

(a) requiring a statement (“a 2020 loss carry-back allocation statement”) to be submitted to HMRC on behalf of a 2020 group for the purpose of determining the non-de minimis 2020 claims that may be made by members of the group in compliance with paragraphs 9 and 10;

(b) requiring a statement (“a 2021 loss carry-back allocation statement”) to be submitted to HMRC on behalf of a 2021 group for the purpose of determining the non-de minimis 2021 claims that may be made by members of the group in compliance with paragraphs 9 and 10.

(2) The regulations may, in particular, include provision about—

(a) the nomination by members of a 2020 group or 2021 group of a member of the group to submit a loss carry-back allocation statement on behalf of the group;

(b) the contents of a loss carry-back allocation statement;

(c) when a loss carry-back allocation statement is to be submitted;

(d) when and how a loss carry-back allocation statement may or must be amended on behalf of a 2020 group or 2021 group;

(e) when and how a loss carry-back allocation statement may be amended by an officer of HMRC;

(f) the amendment of company tax returns in consequence of a loss carry-back allocation statement (including provision altering time limits that would otherwise apply);

(g) the recovery of overpaid relief (including provision allowing an assessment to tax to be made).

(3) The reference in sub-paragraph (2)(g) to overpaid relief is to an amount paid to a company by HMRC where—

(a) the payment is a repayment of tax made in consequence of a 2020 claim or 2021 claim,

(b) the loss carry-back allocation statement is amended in accordance with regulations under this paragraph, and

(c) as a result of the amendment, the claim no longer meets the condition in paragraph 10(1)(b) or (as the case may be) paragraph 10(2)(b) (claim to conform with loss carry-back allocation statement).

(4) In this paragraph—

• “HMRC” means Her Majesty’s Revenue and Customs;

• “a loss carry-back allocation statement” means a 2020 loss carry-back allocation statement or a 2021 loss carry-back allocation statement.