Income Tax (Trading and Other Income) Act 2005 Explanatory Notes

Section 183: Meaning of “work in progress”

749.This section provides the definition of work in progress. It is based on section 101(3) of ICTA. This definition has a reference to the time at which the valuation is made. This is appropriate because the definition is used only in this Chapter and in section 252 of this Act. In both cases, the statute is concerned with the cessation of a profession or vocation.

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