Part 2

Trading income
Chapter 12

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

Valuation of trading stock

Cost to buyer of stock valued on sale basis of valuation
180
1
This section applies for the purpose of calculating the profits of the trade, profession or vocation carried on by the buyer of trading stock.
2
If the value of the stock is determined in accordance with—
a
section 175(3) or sections 176 to 178 (sale basis of valuation), or
b
section 164(3) or sections 165 to 167 of CTA 2009 (corresponding corporation tax rules),
the cost of the stock to the buyer is taken to be the value as so determined.
Words in s. 180(1) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 609(2) (with Sch. 2 Pts. 1, 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
Words in s. 180(2)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 609(3) (with Sch. 2 Pts. 1, 2)