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Finance Act 2002

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This is the original version (as it was originally enacted).

Cases where adjustment not required until asset realised or written off

7(1)This paragraph applies where there is a change of basis resulting from a tax adjustment affectingthe calculation of—

(a)any amount brought into account—

(i)in respect of closing trading stock or work in progress in the last period of account before the change of basis, or

(ii)in respect of opening trading stock or work in progress in the first period of account on the new basis, or

(b)any amount brought into account in respect of depreciation.

(2)The adjustment required by paragraph 2 in such a case shall be brought into account only when the asset to which it relates is realised or written off.

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