20 month period and overlap relief

20 month period and overlap relief

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I have inherited a client who has just retired and ceased trading producing a 20 months accounting period for the final tax year 2013/14. Am I correct in saying that he could claim ALL of his brought forward overlap relief? i.e. I do not need to apportion it because the final period is more than 12 months?

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By halblackburn
01st Apr 2014 17:56

Overlap relief

Yes.  See SA Helpsheet 222 (2012-13) page 5 example 4 and also page 8.

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RLI
By lionofludesch
01st Apr 2014 19:16

Two or three years

That's a long period.  Does it cover two or three tax years ?

You might like to consider splitting that 20 months in two.   Might give you a better tax outcome .......

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Replying to Justin Bryant:
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By getting old
02nd Apr 2014 07:11

Thank you.

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