Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 2 U.K. Trading income

Chapter 15 U.K. Basis periods

Modifications etc. (not altering text)

C1 Pt. 2 Ch. 15 excluded (14.2.2006 with effect as mentioned in reg. 1(2) of the amending S.I.) by S.I. 1997/2681 reg. 6(1)(a) as amended by The Lloyd's Underwriters (Scottish Limited Partnerships) (Tax) (Amendment) Regulations 2006 (S.I. 2006/111), reg. 8

Overlap profits and losses U.K.

204 Meaning of “overlap period” and “overlap profit” U.K.

In this Chapter—

• “overlap period” means a period which falls within two basis periods, and

• “overlap profit” means profit which arises in an overlap period.