- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
5.—(1) This regulation applies if—
(a)a transfer constitutes a disposal of an asset for the purposes of TCGA 1992,
(b)at the time of the disposal, the asset is not trading stock of the transferor, and
(c)immediately after the disposal, the asset will be trading stock of the transferee.
(2) For any corporation tax purpose, the trading stock—
(a)is to be treated as having been acquired by the transferee in the course of the transferee’s trade, and
(b)is to be valued as if it had been acquired by the transferee for a consideration such that no gain or loss would accrue to the transferor for the purposes of TCGA 1992.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: