Commentary

C1.317 Appropriations to and from trading stock

Capital gains tax
Capital gains tax | Commentary

C1.317 Appropriations to and from trading stock

Capital gains tax | Commentary

C1.317 Appropriations to and from trading stock

If a person acquires a chargeable asset otherwise than as trading stock and he subsequently appropriates it as trading stock, he is generally treated as having sold the asset for its market value at the time of the appropriation, so that a chargeable gain or allowable loss arises at that time1. However, if the profits of the trade are assessable under ITTOIA 2005, ss 5–23H (Pt 2, Ch 2) or CTA 2009, ss 35–45 (Pt 3, Ch 2), the person may elect, although only in the case of a gain for appropriations made

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