252Transfer of trading stock or work in progressU.K.
This section has no associated Explanatory Notes
(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.