Part 2

Trading income
Chapter 12

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

Valuation of trading stock

Meaning of “sale” and related expressions
181
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.
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