SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 3Trading income
Valuation of trading stock on cessation
47
1
This paragraph applies if—
a
a period of account of a trade begins before 6th April 2004 and ends on or after 6th April 2005 (“the straddling period of account”), and
b
as a result of paragraph 48, the profits or losses of the period of account are to be calculated in accordance with Part 2 of this Act.
2
Subsection (2) of section 173 (valuation of trading stock on cessation) does not apply in relation to the part of the period of account which—
a
begins with the straddling period of account, and
b
ends with 5th April 2004,
and the profits or losses of the trade are to be calculated accordingly.