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Version Superseded: 17/07/2012
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Taxation of Chargeable Gains Act 1992, Section 173 is up to date with all changes known to be in force on or before 03 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Where—
(a)a company (“company A”) acquires an asset as trading stock of a trade to which this section applies,
(b)the acquisition is from a company (“company B”) that at the time of the acquisition is a member of the same group of companies, and
(c)the asset did not form part of the trading stock of any such trade carried on by company B,
company A is treated for the purposes of section 161 as having acquired the asset otherwise than as trading stock and immediately appropriated it for the purposes of the trade as trading stock.
(2)Where—
(a)a company (“company C”) disposes of an asset forming part of the trading stock of a trade to which this section applies carried on by that company,
(b)the disposal is to another company (“company D”) that at the time of the disposal is a member of the same group of companies, and
(c)the asset is acquired by company D otherwise than as trading stock of any such trade carried on by it,
company C is treated for the purposes of section 161 as having appropriated the asset immediately before the disposal for some purpose other than the purpose of use as trading stock.
(3)The trades to which this section applies are—
(a)any trade carried on by a company resident in the United Kingdom, and
(b)any trade carried on in the United Kingdom through a [F2permanent establishment] by a company not so resident.]
Textual Amendments
F1S. 173 substituted (with effect in accordance with Sch. 29 para. 11(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 11(1) (with Sch. 29 para. 46(5))
F2Words in s. 173(3)(b) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
Modifications etc. (not altering text)
C1Ss. 170-192 restricted (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 4(1)
C2Ss. 170-181 restricted (12.1.2000) by Greater London Authority Act 1999 (c. 29), ss. 419(3), 425(2); S.I. 1999/3434, art. 2
C3Ss. 170-181 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 35(a) (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
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