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.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)