Point in time view as at 24/02/2022.
There are currently no known outstanding effects for the Finance Act 2022, Paragraph 71.
71(1)This paragraph applies if, by virtue of a deduction for overlap profit allowed and made under this Part of this Schedule (see paragraphs 68 and 69(2) and Step 3 of the calculation in paragraph 70(2))—
(a)the trader makes a loss for the tax year 2023-24 where the trader would (but for the deduction) have made a profit, or
(b)the trader makes a loss for the tax year 2023-24 that is greater than it would have been had the deduction not been made.
(2)Sections 89 to 91 of ITA 2007 (terminal trade loss relief) apply in relation to the trader as if—
(a)the trader had permanently ceased to carry on the trade on 5 April 2024, and
(b)the amount of the loss mentioned in sub-paragraph (1)(a), or the amount by which the loss mentioned in sub-paragraph (1)(b) is increased as a result of the deduction being made, were a terminal loss made in the trade in the final tax year.
(3)Nothing in this paragraph is to be taken to affect the further application of sections 89 to 91 of ITA 2007 in relation to the trade.
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