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Overlap Profit
Posted by Christos K on Fri, 03/07/2009 - 12:36
Having utilised the overlap profit against profits on cessation there remains a balance. Can this amount be carried back to previous years? If so how is it treated in the computation, bearing in mind that the SA is computerised.
Chris K
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Look at
http://www.hmrc.gov.uk/manuals/bimmanual/bim71085.htm
An excess creates a loss to be used in the normal way, so against other income of the year or carry back.
If it is by carry back then it will give rise to a stand alone repayment based on the earlier year but given it the final years return in box 14 on page TC2