partnership overlap relief-practice question 18

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May 28, 2018 at 3:15 pm #454406
hagun527
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hello
in the practice question 18, when Betty resigned the partner,why she could use the total overlap relief of the partner 3000?
this relief doesn’t need to splite between Anne and Betty as 1:1?
so if when Anne resign the partner, she can also use this 3000 overlap relief?
thanks
June 3, 2018 at 2:39 am #455647
Tax Tutor
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The question clearly states that EACH partner has overlap profits of 3,000! Remember that we assess each partner on their share of the adjusted trading profits of the partnership – we do not assess the partnership!
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