C1Part 3Trading income

Annotations:
Modifications etc. (not altering text)

Chapter 10Trade profits: changes in trading stock

Other disposals and acquisitions not made in the course of trade

159Disposals not made in the course of trade

1

This section applies if—

a

trading stock of a trade is disposed of otherwise than in the course of the trade, and

b

section 157 does not apply.

2

In calculating the profits of the trade—

a

the amount which the stock disposed of would have realised if sold in the open market at the time of the disposal is brought into account as a receipt, and

b

any consideration obtained for it is left out of account.

3

The receipt is treated as arising on the date of the disposal.

4

This section is subject to section 161.