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 work in progress U.K.

182 Valuation of work in progress on cessation U.K.

(1) If—

(a) a person permanently ceases to carry on a profession or vocation, and

(b) the work in progress is valued in calculating the profits of the profession or vocation,

the value must be determined in accordance with section 184 (basis of valuation of work in progress) or 185 (election for valuation at cost).

(2) If there is a change in the persons carrying on a profession, subsection (1) does not apply so long as a person carrying on the profession immediately before the change continues to carry it on after the change.

(3) If an individual carries on a profession alone or a vocation, subsection (1) does not apply if the cessation is because of the individual's death.