Overlap Profits

Poodle

Hi,

Is HMR&C able to go back say 15 years to find out if overlap profits were suffered at the commencement of a trade?

I have a new client who has a basis period ending September. He has only a few years to retirement and has used a couple of accountants over the years. His previous accountant did not have this information.

HMR&C are not able to tell me over the phone and the earliest account that I am able to view online is 97/98 and so I propose writing, am I wasting my time?

Poodle

deanshepherd

I believe the Revenue destroyed most records prior to 1996/97 so I think you are going to struggle..

Poodle

Thanks Dean,

I thought as much, but I have written anyway. I may get a respone in say, 3 months, if I am lucky:laugh:

He retires in a couple of years and so that is one reason for me looking at this now.

Poodle

deanshepherd

Actually, thinking about it..

You only need his pre-capital allowances profit in 1997/98 because it would be transitional overlap relief he is entitled to.