Part 3Trading income
Chapter 10Trade profits: changes in trading stock
Introduction
156Meaning of “trading stock”
1
In this Chapter “trading stock”, in relation to a trade, means anything (whether land or other property)—
a
which is sold in the ordinary course of the trade, or
b
which would be so sold if it were mature or its manufacture, preparation or construction were complete.
2
It does not include—
a
materials used in the manufacture, preparation or construction of any such thing,
b
any services performed in the ordinary course of the trade, or
c
any article produced, or any material used, in the performance of any such services.