Part 3Income tax, corporation tax and capital gains tax
Chapter 2Other provisions
Miscellaneous
106 Valuation of trading stock on transfer of trade
1
In section 100 of the Taxes Act 1988 (valuation of trading stock at discontinuance of trade), after subsection (2) insert—
3
Where trading stock falling to be valued under paragraph (a) of subsection (1) above is sold or transferred together with other assets, so much of the amount realised on the sale or, as the case may be, of the value of the consideration given for the transfer as on a just and reasonable apportionment is properly attributable to each asset shall be treated for the purposes of this section as the amount realised on the sale or, as the case may be, the value of the consideration given for the transfer, of that asset.
2
Subsection (1) applies where the sale or transfer in question takes place after the passing of this Act.