Part 2Trading income
C1Chapter 18Post-cessation receipts
Annotations:
Modifications etc. (not altering text)
Sums that are not post-cessation receipts
252Transfer of trading stock or work in progress
1
When a person permanently ceases to carry on a trade, a sum realised by—
a
the transfer of trading stock, or
b
the transfer of work in progress,
is not a post-cessation receipt if a valuation of the stock or work is brought into account in accordance with Chapter 12 (valuation of stock and work in progress).
2
This does not prevent a sum from being treated as a post-cessation receipt as a result of an election under section 185 (election for valuation of work in progress at cost).
3
In this section—
a
“trading stock” has the meaning given by section 174, and
b
“work in progress” and “transfer of work in progress” have the meaning given by section 183.
Pt. 2 Ch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 2(3)(a)