C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
Chapter 10Trade profits: changes in trading stock
Other disposals and acquisitions not made in the course of trade
160Acquisitions not made in the course of trade
1
This section applies if—
a
trading stock of a trade has been acquired otherwise than in the course of the trade, and
b
section 158 does not apply.
2
In calculating the profits of the trade—
a
the cost of the stock is taken to be the amount which it would have realised if sold in the open market at the time of the acquisition, and
b
the value of anything in fact given for it is left out of account.
3
The cost is treated as being incurred on the date of the acquisition.
4
This section is subject to section 161.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)