Part 3

Trading income
Chapter 11

Trade profits: valuation of stock on cessation of trade

Cost to buyer of stock valued on sale basis of valuation
169
1
This section applies for the purpose of calculating the profits of the trade carried on by the buyer of trading stock.
2
If the value of the stock is determined in accordance with—
a
section 164(3) or sections 165 to 167 (sale basis of valuation), or
b
section 175(3) or sections 176 to 178 of ITTOIA 2005 (corresponding income tax rules),
the cost of the stock to the buyer is taken to be the value as so determined.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)