SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Taxation of Chargeable Gains Act 1992 (c. 12)

321

In section 161 (stock in trade: appropriations to and from stock) after subsection (4) insert—

5

If—

a

any person is charged to income tax under section 755 of ITA 2007 (charge to tax from transactions in land) on the realisation of a gain because the condition in section 756(3)(d) is met, and

b

the gain is calculated on the basis that any property was appropriated as trading stock,

the property shall be treated on that basis also for the purposes of this section.