Statute
Section 172B — Finance Act 2008: Trading stock appropriated by trader
Text of the provision Official document
Trading stock appropriated by trader 172B 1 This section applies if trading stock of a person's trade is appropriated by the person for any other purpose.
2 In calculating the profits of the trade—
a the amount which the stock appropriated would have realised if sold in the open market at the time of the appropriation is brought into account as a receipt, and b the value of anything in fact received for it is left out of account.
3 The receipt is treated as arising on the date of the appropriation.
Official source: legislation.gov.uk
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