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Finance Act 1994
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- UK Public General Acts
- 1994 c. 9
- SCHEDULE 24
- Transfers of trading stock
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Finance Act 1994, Cross Heading: Transfers of trading stock is up to date with all changes known to be in force on or before 06 November 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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- s. 16A(2)(g) inserted by 2023 c. 30 Sch. 13 para. 28
- s. 160(2)-(7) modified by 2010 c. 8 s. 464(6) (as inserted) by 2017 c. 32 Sch. 5 para. 1
- Sch. 5 para. 2(1)(pa) inserted by S.I. 2022/109 reg. 4 (This amendment not applied to legislation.gov.uk. The affecting statutory instrument has no legal effect. It was made under a procedure which meant that it ceased to have effect 28 days after signing unless it was debated and approved in Parliament within that time. It was not debated and approved within 28 days, so it has expired with no effect.)
Transfers of trading stockU.K.
12(1)This paragraph applies in any case where—U.K.
(a)by virtue of a relevant transfer, any trading stock belonging to a trade carried on by the predecessor (“the predecessor’s trade”) vests in the transferee, and
(b)the trading stock is acquired by the transferee as trading stock for the purposes of a trade which he carries on or which he begins to carry on after the relevant transfer (“the transferee’s trade”).
(2)Where this paragraph applies, the trading stock in question shall, for the purposes (whether in relation to the predecessor or the transferee) of computing for the purposes of the Corporation Tax Acts the [F1profits] of the predecessor’s trade and the transferee’s trade,—
(a)be taken to have been both disposed of by the predecessor and acquired by the transferee in the course of those trades and (subject to that) at the time when the transfer comes into force; and
(b)be valued in each case as if that disposal and acquisition had been for a consideration which in relation to the predecessor would have resulted in neither a profit nor a loss being brought into account in respect of the disposal in the accounting period of the predecessor which is current at that time.
(3)In this paragraph “trading stock” has the same meaning as in section 100 of the Taxes Act 1988.
Textual Amendments
F1Words in Sch. 24 para. 12(2) substituted (31.7.1998) by 1998 c. 36, s. 46(3), Sch. 7 para. 9
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