The term "carry forward" refers to the act of carrying something forward from one period or year to the next. In the context of taxes and financial accounting, the term "carry forward" is often used to refer to losses or unused tax allowances that can be carried forward to offset income or reduce tax liability in future periods or years.

For example, if an individual has a loss of £5,000 in a given tax year, they may be able to carry that loss forward to offset income in future years. Similarly, if an individual has unused tax allowances in a given year, they may be able to carry those allowances forward to reduce their tax liability in future years.

Carrying forward losses or unused tax allowances can be an important tax planning strategy for individuals and businesses, as it can help to reduce tax liability in future periods or years.