Part 1 Income Tax
Finance Act 2008 (2008 c 9) | Legislation

SCHEDULE 15 Changes in Trading Stock

Section 37

Part 1 Income Tax

1

ITTOIA 2005 is amended as follows.

2

After section 172 insert—

“Chapter 11A
Trade Profits: Changes in Trading Stock
Introduction
172A Meaning of “trading stockâ€

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

(a)     which is sold in the ordinary course of 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.

Transfers of trading stock between trade and trader
172B Trading stock appropriated by trader

(1)     This section applies if trading stock of a person's trade is appropriated by the person for any other

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