Court of Appeal (Civil Division).

Dillon, Balcombe and Butler-Sloss L JJ.

Judgment delivered 4 July 1990.

Corporation tax – Advance corporation tax – Surplus over mainstream tax – Provisional claim made within time limit to carry back surplus to previous accounting period – Claim subsequently agreed and amount set off against previous year’s profits – Losses subsequently incurred were carried back increasing surplus – Whether original claim to carry back surplus might be adjusted to include increased losses – Finance Act 1972, sec. 85(3) (now Income and Corporation Taxes Act 1988, sec. 239(5)).

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