C1Part 3Trading income

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Chapter 10Trade profits: changes in trading stock

Introduction

156Meaning of “trading stock”

1

In this Chapter “trading stock”, in relation to a trade, means anything (whether land or other property)—

a

which is sold in the ordinary course of the trade, or

b

which would be so sold if it were mature or its manufacture, preparation or construction were complete.

2

It does not include—

a

materials used in the manufacture, preparation or construction of any such thing,

b

any services performed in the ordinary course of the trade, or

c

any article produced, or any material used, in the performance of any such services.