{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-235",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-235.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/235",
  "kind": "section",
  "number": "235",
  "heading": "Cases where adjustment not required until assets realised or written off",
  "text": "(1) This section applies if there is a change of basis resulting from a tax adjustment affecting the calculation of any of the following amounts.\n(2) The amounts are—\n(a) any amount brought into account in respect of closing trading stock or closing work in progress in the last period of account before the change of basis,\n(b) any amount brought into account in respect of opening trading stock or opening work in progress in the first period of account on the new basis, and\n(c) any amount brought into account in respect of depreciation.\n(3) Adjustment income or (as the case may be) an adjustment expense is treated as arising only when the asset to which it relates is realised or written off.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "S. 235 applied (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 524(5), 526(6), 1034 (with transitional provisions and savings in Sch. 2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/235",
    "retrieved_at": "2026-10-29T09:16:32.370392+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."
}