Paragraph 80 Deducted overlap profits in excess of other profits of tax year 2023-24

United Kingdom

(1)

Sub-paragraph (2) applies where—

(a)

a deduction is to be made under paragraph 79, and

(b)

the amount to be deducted (or the sum of the amounts to be deducted) exceeds the amount which would otherwise be the amount of the profits of the notional business of the tax year 2023-24.

(2)

The amount of the excess is to be deducted in calculating the partner’s income for the tax year 2023-24.