Textual Amendments
F1Words in Pt. 2 Ch. 12 heading inserted (with effect in accordance with s. 37(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 15 para. 3
(1)In this Chapter “trading stock” means—
(a)any property (whether land or other property) which is sold in the ordinary course of the trade or would be so sold if it were mature or its manufacture, preparation or construction were complete, or
(b)materials used in the manufacture, preparation or construction of any property mentioned in paragraph (a).
(2)In this Chapter “trading stock” includes also any services performed in the ordinary course of the trade—
(a)the performance of which is wholly or partly completed at the time of the cessation, and
(b)for which it would be reasonable to expect that a charge would be made if there were no cessation and, in the case of partly completed services, their performance were fully completed,
and any article produced, and any material used, in the performance of any such services.
(3)In this Chapter references to the sale or transfer of trading stock include the sale or transfer of any benefits and rights which accrue, or might reasonably be expected to accrue, from the performance of any such services.