173 Valuation of trading stock on cessation
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Chapter 12
Trade Profits: Valuation of Stock and Work in Progress [on Cessation of Trade]

Valuation of trading stock

173  Valuation of trading stock on cessation

(1)     If a person permanently ceases to carry on a trade, in calculating the profits of the trade—

(a)     trading stock belonging to the trade at the time of the cessation must be valued, and

(b)     the value must be determined in accordance with sections 175 to 178 (bases of valuation).

(2)     But no valuation

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Sentencing for rape

Sentencing for rapeThe Sentencing Council (SC) produces guidance on sentencing for courts in England and Wales in the form of offence specific sentencing guidelines for use in the magistrates’ court and the Crown Court. This Practice Note considers the approach to sentencing for the offences of rape

LEXISNEXIS

Voluntary manslaughter

Voluntary manslaughterVoluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished

LEXISNEXIS

Traditional procurement of construction contracts

Traditional procurement of construction contractsThis Practice Note provides a basic explanation of traditional procurement in construction. It looks at why this type of procurement is used and also considers particular issues to take into account when choosing to follow this procurement route.When

LEXISNEXIS

Carriage of goods by sea—the Hague-Visby Rules

Carriage of goods by sea—the Hague-Visby RulesThis Practice Note explains the Hague-Visby Rules (the Rules) which are an international convention enacted into English law by the Carriage of Goods by Sea Act 1971 (CGSA 1971) whose purpose is to regulate some of the most important rights and