Part 2 U.K. Trading income

Chapter 12 U.K. Trade profits: valuation of stock and work in progress [F1 on cessation of trade ]

Textual Amendments

F1 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

Valuation of trading stock U.K.

181 Meaning of “sale” and related expressions U.K.

(1) In sections 175 to 178 (except in section 178(5)) references to a sale include a transfer for valuable consideration.

(2) In relation to a transfer which is not a sale—

• “amount realised on the sale” means the value of the consideration given for the transfer,

• “buyer” means the person to whom the transfer is made, and

• “seller” means the person who makes the transfer.