Part 2Income tax, corporation tax and capital gains tax_general

Other business and investment measures

37Trade profits: changes in trading stock

1

Schedule 15 contains provision about the effect of certain changes in trading stock on the calculation of profits of trades for the purposes of income tax or corporation tax.

2

The amendments made by that Schedule have effect in relation to changes in trading stock occurring on or after 12 March 2008.

3

In subsection (2) “change in trading stock” means—

a

in relation to new section 172B of ITTOIA 2005, or paragraph 6 of Schedule 15, an appropriation of trading stock,

b

in relation to new section 172C of ITTOIA 2005, or paragraph 7 of Schedule 15, a thing becoming trading stock,

c

in relation to new section 172D of ITTOIA 2005, or paragraph 8 of Schedule 15, a disposal of trading stock, and

d

in relation to new section 172E of ITTOIA 2005, or paragraph 9 of Schedule 15, an acquisition of trading stock.