New rules will apply to all losses arising on or after 1 April 2017.
Losses for companies arising from 1 April 2017, when carried forward, can be offset against the total taxable profits of a company and its group members.
They will be able to use the losses against up to 50% of profits subject to the annual allowance. Each standalone company or group will be entitled to a £5m annual allowance.
Download the draft legislation
Article from ACCA In Practice