Commentary

B2.806 Sums that are not post-cessation receipts

Business tax
Business tax | Commentary

B2.806 Sums that are not post-cessation receipts

Business tax | Commentary

B2.806 Sums that are not post-cessation receipts

Where a person permanently discontinues a trade, any sum arising from the transfer of trading stock1 or, in the case of a profession or vocation, work-in-progress2 is not a post-cessation receipt provided the valuation of the stock or work-in-progress is calculated in accordance with specific provisions3 set out in the tax legislation4.

For these purposes, 'trading stock' has the meaning given by ITTOIA 2005, s 174 and CTA 2009, s 163 and 'work-in-progress' and 'transfer of work-in-progress' have the meaning given by ITTOIA 2005, s 183; see B2.602 and B2.608.

Income tax provisions—items

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