Overlap Profit

Posted by Christos K PM | on Fri, 03/07/2009 - 13:36 445 1 comment | report

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

Comments

Look at

ACDWebb | Fri, 03/07/2009 - 15:44 | Permalink

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