[307F Deemed capital receipts under, or after leaving, cash basis]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[307F  Deemed capital receipts under, or after leaving, cash basis]

[(1)     This section makes provision supplementary to section 307E.

(2)     If—

(a)     at any time a person ceases to use an asset or any part of it for the purposes of a property business (other than in the circumstances mentioned in subsection (5)), but

(b)     the person does not dispose of the asset (or that part) at that time,

the person is to be regarded for the purposes of section 307E as disposing of the asset (or that part) at that time for an amount equal to the market value amount.

(3)     If at any time there is a material increase in the person's non-business

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