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Income Tax (Trading and Other Income) Act 2005
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Changes over time for: Section 177
Version Superseded: 01/04/2009
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177Sale basis of valuation: sale to connected personU.K.
This section has no associated Explanatory Notes
(1)The value of trading stock is determined in accordance with this section if—
(a)it is sold to a person who carries on, or intends to carry on, a trade in the United Kingdom and is entitled to deduct the cost of the stock as an expense in calculating the profits of that trade for income or corporation tax purposes,
(b)the buyer is connected with the seller, and
(c)no election is made under section 178 (election by connected persons).
(2)The value is taken to be the amount which would have been realised if the sale had been between independent persons dealing at arm's length.
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