Section 180 Application of section 174(2)(a) in relation to transfers of trading stock etcC1

(1)

Section 174(2)(a) does not affect the credits to be brought into account by the disadvantaged person in respect of—

(a)

closing trading stock, or

(b)

closing work in progress in a trade,

for accounting periods ending on or after the day given by subsection (2).

(2)

That day is the last day of the accounting period of the advantaged person in which the actual provision was made or imposed.

(3)

For the purposes of this section “trading stock”, in relation to any trade, has the meaning given by—

(a)

section 174 of ITTOIA 2005, or

(b)

section 163 of CTA 2009.

Annotations

C1: Pt. 4 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 129(11) (with s. 147, Sch. 17)

C1: Pt. 4 excluded by 2010 c. 4, s. 938N (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)
C2: Pt. 4 excluded (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(2); S.I. 2011/2329, art. 3
C3: Pt. 4 excluded (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(2); S.I. 2011/2576, art. 5

C2: Pt. 4 Chs. 1 and 3-6 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 9 paras. 3, 4