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Finance Act 2022
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- UK Public General Acts
- 2022 c. 3
- SCHEDULE 1
- PART 6
- Paragraph 68
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Deductions for overlap profit allowed under this Part of this Schedule
68References in this Part of this Schedule to a “deduction for overlap profit allowed under this Part of this Schedule” are to—
(a)any deduction for overlap profit that would be allowed under section 205 of ITTOIA 2005 (deduction for overlap profit in final tax year), were the trader to have permanently ceased to carry on the trade on 5 April 2024, or
(b)any deduction for overlap profit allowed under section 220 of that Act (deduction for overlap profit on change of accounting date) for a tax year before the tax year 2023-24 but not made for that earlier tax year (or any amount of such a deduction not made).
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