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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 185 is up to date with all changes known to be in force on or before 24 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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185Change from realisation basis to mark to marketU.K.
This section has no associated Explanatory Notes
(1)This section applies if there is a change of basis from—
(a)not recognising a profit or loss on an asset until the asset is realised, to
(b)bringing assets into account in each period of account at a fair value.
(2)So far as—
(a)a receipt within item 1 of Step 1 in section 182 represents the fair value of an asset that is trading stock, or
(b)an expense within item 2 of that step relates to such an asset,
the receipt of the trade or (as the case may be) the expense of the trade is treated as not arising until the period of account in which the value of the asset is realised.
(3)In the case of a receipt of the trade, this is subject to any election under section 186 (election for spreading).
(4)In this section “trading stock” has the same meaning as in section 163.
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