Introduction Background Note
26.The section and Schedule extend the trade loss carry back rules for income tax and corporation tax. For income tax the rules are extended in relation to a trade loss (including a loss in a profession or vocation) made in tax year 2008-09 or 2009-10. For corporation tax the extension applies to trading losses arising in an accounting period ending after 23 November 2008 and before 24 November 2010. The extension has effect from 22 April 2009.