Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 7 U.K. Income charged under this Act: rent-a-room and [F1 qualifying care] relief

Textual Amendments

F1 Words in Pt. 7 heading substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 34 (with Sch. 1 para. 37)

Chapter 2 U.K. [F2 qualifying care relief]

Textual Amendments

F2 Pt. 7 Ch. 2 heading substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 29 (with Sch. 1 para. 37)

Overlap profit U.K.

828 Overlap profit U.K.

(1) This section applies if the profits or losses of a trade for a tax year are calculated in accordance with section 813, 816, 822 or 823.

(2) Nothing in this Chapter is to be read—

(a) as preventing a deduction for overlap profit under section 205 or 220 in calculating the profits or losses of the trade for the tax year, or

(b) as preventing overlap profit from arising by reference to profits of the trade calculated for the tax year in accordance with section 816 or 823 (alternative calculation of profits).

(3) “Overlap profit” has the same meaning in this section as it has in Chapter 15 of Part 2 (see [F3 sections 204 and 204A]).

Textual Amendments

F3 Words in s. 828(3) substituted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 10