On 7 November 2017, HMRC published draft guidance on the commencement rules for the new corporation tax losses regime which took effect from 1 April 2017.

The draft guidance considers the position under the new regime for companies with accounting periods that straddle 1 April 2017, and how profits, losses or deductions of such companies should be apportioned between the deemed pre- and post- commencement accounting periods.

The draft guidance can be viewed here.