Part 2Trading income

Chapter 12Trade profits: valuation of stock and work in progress F1 on cessation of trade

Annotations:
Amendments (Textual)
F1

Words 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

Valuation of trading stock

181Meaning of “sale” and related expressions

1

In sections 175 to 178 (except in section 178(5)) references to a sale include a transfer for valuable consideration.

2

In relation to a transfer which is not a sale—

  • amount realised on the sale” means the value of the consideration given for the transfer,

  • buyer” means the person to whom the transfer is made, and

  • seller” means the person who makes the transfer.