{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1970-repealed-641992/section-274",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1970-repealed-641992/section-274.json",
  "legislation": "ukpga/1970/10",
  "legislation_title": "Income and Corporation Taxes Act 1970 (repealed 6.4.1992)",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1970-repealed-641992",
  "path": "section/274",
  "kind": "section",
  "number": "274",
  "heading": "Transfers within a group: trading stock.",
  "text": "(1) Where a member of a group of companies acquires an asset as trading stock from another member of the group, and the asset did not form part of the trading stock of any trade carried on by the other member, the member acquiring it shall be treated for purposes of section 122 of the Capital Gains Tax Act 1979 as having acquired the asset otherwise than as trading stock and immediately appropriated it for the purposes of the trade as trading stock.\n(2) Where a member of a group of companies disposes of an asset to another member of the group, and the asset formed part of the trading stock of a trade carried on by the member disposing of it but is acquired by the other member otherwise than as trading stock of a trade carried on by it, the member disposing of the asset shall be treated for purposes of section 122 of the Capital Gains Tax Act 1979 as having immediately before the disposal appropriated the asset for some purpose other than the purpose of use as trading stock.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words substituted by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 157(2), Sch. 7 para. 9 for 1979-80 et seq."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 272-281: definition of \"effective 51 percent. subsidiary\" applied (E.W.S.) by Ports Act 1991 (c. 52, SIF 58), s. 17(13)"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 274(2) excluded (16.1.1993) for certain purposes by S.I. 1992/58, art. 11(3)."
    },
    {
      "type": "C",
      "label": "C3",
      "text": "See Finance Act 1973 (c. 51), s. 38(5), application of ss. 273 to 275 and 278 to 279 in relation to certain disposals by non-resident companies of offshore exploration or exploitation rights; Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 16, ss. 273 to 275 and 276(1) to apply in relation to non-resident companies which are members of a non-resident group and Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 440(3), ss. 273, 274 not to apply to disposals or acquisitions of life assurance companies."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1970/10/section/274",
    "retrieved_at": "2026-10-29T10:51:30.085904+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}