# Finance Act 2022, Paragraph 69: Trade profits if there is no transition part of the basis period for the tax year 2023-24

Extent: E+W+S+N.I.

(1) Sub-paragraph (2) applies if there is no transition part of the basis period for the tax year 2023-24 (because the standard part ends on or after 31 March 2024 and there is no election under paragraph 67(3)).
(2) In calculating the profits of the tax year 2023-24 for the purposes of Chapter 2 of Part 2 of ITTOIA 2005, make any deduction for overlap profit allowed under this Part of this Schedule (see paragraph 68).

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Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/1/paragraph/69 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-1/paragraph-69
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.