Transitional Profits On Partnership UK Land & Property

Dear All, Am i right in saying that the client's share of the partnership's uk land & property income is treated exactly the same as their share of the partnership trading profits, when it comes to working out the transitional profit? For example Accounting period (01/11/22 to 31/03/24) aka 517 days (B/Fwd overlap profit being £25,434) Share of profit from partnership UK land & property = £65,130 Standard Part - Amount used is 365/517 total = £45,982 (£65,130 x 365/517 days) Transition Part - Amount used is 152/517 total = £19,148 (£65,130 x 152/517 days) Transitional loss = £6,286 (£19,148 less overlap profit B/Fwd £25,434) Therefore net profit to declare is £36,696 (£45,982 less transitional loss (£6,286)) Is this correct? Kind Regards

Hi Sam,
The Self Assessment Manual at SAM70050 outlines the customer support we can provide with this type of enquiry.
The section ‘Your Charter’ confirms that we can of course direct customers to the relevant guidance, but we can't provide support with the calculation of specific business profits.
The Business Income Manual BIM81340 covers partners with trade profits and a rental business.
You may find example 25 particularly helpful.
BIM81340 - Transitional rules: partners with continuing notional business
Thank you. 
 

Hello, Thank you for you feedback. I can't seem to find any HMRC guidance when it speficially mentions transitional profits when the income is received from a Partnership in the form of UK Land & Property. Could you please advise me on the best course of action. Kind Regards

Hi Sam,
Please refer to:  Get Help with Basis Period Reform.
Thank you.