828Overlap profitU.K.
(1)This section applies if the profits or losses of a trade for a tax year are calculated in accordance with section 813, 816, 822 or 823.
(2)Nothing in this Chapter is to be read—
(a)as preventing a deduction for overlap profit under section 205 or 220 in calculating the profits or losses of the trade for the tax year, or
(b)as preventing overlap profit from arising by reference to profits of the trade calculated for the tax year in accordance with section 816 or 823 (alternative calculation of profits).
(3)“Overlap profit” has the same meaning in this section as it has in Chapter 15 of Part 2 (see [F1sections 204 and 204A]).
Textual Amendments
F1Words in s. 828(3) substituted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 10