Part 2

Trading income
Chapter 12

Trade profits: valuation of stock and work in progress on cessation of trade

Valuation of trading stock

Connected persons
179
For the purposes of sections 175 to 178 two persons are connected with each other if any of the following tests is met—
a
they are connected with each other within the meaning of section 993 of ITA 2007 ,
b
one of them is a firm and the other has a right to a share of the assets or income of the firm,
c
one of them is a body corporate and the other has control over that body,
d
both of them are firms and some other person has a right to a share of the assets or income of both of them, or
e
both of them are bodies corporate, or one of them is a firm and the other is a body corporate, and in either case some other person has control over both of them.
Words in s. 179(a) substituted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 501 (with transitional provisions and savings in Sch. 2)
Words in Pt. 2 Ch. 12 heading inserted (with effect in accordance with s. 37(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 15 para. 3