Bloomsbury Verlag GmbH v Revenue & Customs [2015] UKFTT 660 considered an appeal by Bloomsbury against HMRC assessments that denied the company relief for brought forward trading losses. The company had been late in notifying HMRC of its chargeability to corporation tax for the years 2003 to 2009. On 20 September 2010, HMRC issued notices under Finance Act 1998 (FA 1998), Sch 18, para 3 requiring Bloomsbury Verlag to file a company tax return for the accounting periods 2004 to 2009. The company then submitted returns for each year disclosing losses for 2003, 2004, 2006 and 2009 and profits for 2005, 2007 and 2008, offsetting the earlier years losses against the later years' profits under Income and Corporation Taxes Act 1988 (ICTA 1988), s393(1). The 2003 return was submitted voluntarily as HMRC's notice did not require a return for this year.
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