The following taxpayers have a profit in both the standard part and the transition part of the

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The following taxpayers have a profit in both the standard part and the transition part of the basis period for 2023-24:

(a) Martina's transition profit (after overlap relief) is £45,000. She elects for an additional £6,000 of this to be taxed in 2024-25.

(b) Achmed's transition profit (after overlap relief) is £27,500. He elects for an additional £3,000 of this to be taxed in 2024-25 and an additional £2,000 to be taxed in 2026-27.

In each case, calculate the amount of transition profit that will be taxed in each of the five tax years from 2023-24 to 2027-

28 inclusive.

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Taxation Finance Act 2023

ISBN: 9781292461083

29th Edition

Authors: Alan Melville

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Question Posted: May 02, 2024 10:01 AM

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The following taxpayers have a profit in both the standard part and the transition part of the

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Taxation Finance Act 2023

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