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well its not related to exam point of view..
Imagine if there was a trade loss of (350,000) current year2012.and has no other profits or gift aid donations
and if there was taxable (total) profit of 350,000 last year,2011
if the the company claim a carry back relief then the current years trade loss will get compensated with last years profit, making the last years profit =0. The company had already paid the tax of previous year .So could the company claim for the repayment of previous years tax?, as there was no trading profit after the carry back reliefYes the cash flow advantage of a carry back claim is indeed that a repayment of the Corporation Tax paid for the preceding accounting period will be available to the company.
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