[F1IntroductionU.K.
Textual Amendments
F1Pt. 2 Ch. 11A inserted (with effect in accordance with s. 37(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 15 para. 2
172AMeaning of “trading stock”U.K.
(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 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.
[F2172AAChapter not to apply where cash basis usedU.K.
Nothing in this Chapter applies in calculating the profits of a trade on the cash basis.]]
Textual Amendments
F2S. 172AA inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 29