C1Part 3Trading income

Annotations:
Modifications etc. (not altering text)

Chapter 11Trade profits: valuation of stock on cessation of trade

170Meaning of “sale” and related expressions

1

In sections 164 to 167 (except in section 167(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.