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Changes over time for: Cross Heading: Transfers of trading stock


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Status:
Point in time view as at 01/04/2016.
Changes to legislation:
Transport Act 2000, Cross Heading: Transfers of trading stock is up to date with all changes known to be in force on or before 09 March 2025. 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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Transfers of trading stockU.K.
12(1)This paragraph applies if—U.K.
(a)under a relevant transfer trading stock of the transferor is transferred to the transferee, and
(b)the stock falls, immediately after the time when the transfer takes effect, to be treated as trading stock of the transferee.
(2)Sub-paragraphs (3) and (4) have effect in computing the profits or gains of the relevant trades for the purposes of the Corporation Tax Acts; and the relevant trades are—
(a)the trade in relation to which the stock is trading stock immediately before the time when the transfer takes effect, and
(b)the trade in relation to which it is trading stock after that time.
(3)The stock must be taken—
(a)to have been disposed of by the transferor in the course of the trade carried on by the transferor,
(b)to have been acquired by the transferee in the course of the trade carried on by the transferee, and
(c)subject to that, to have been disposed of and acquired at the time when the transfer takes effect.
(4)The stock must be valued for the purposes of each of the relevant trades as if the disposal and acquisition had been for a consideration which in relation to the transferor 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 transferor which ends with, or is current at, the time when the transfer takes effect.
(5)In this paragraph “trading stock” has the same meaning as in [section 163 of the Corporation Tax Act 2009].
Textual Amendments
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