Section 37 — Finance Act 2008: Trade profits: changes in trading stock

Trade profits: changes in trading stock 37 1 Schedule 15 contains provision about the effect of certain changes in trading stock on the calculation of profits of trades for the purposes of income tax or corporation tax.

2 The amendments made by that Schedule have effect in relation to changes in trading stock occurring on or after 12 March 2008.

3 In subsection (2) “ change in trading stock ” means—

a in relation to new section 172B of ITTOIA 2005, or paragraph 6 of Schedule 15, an appropriation of trading stock, b in relation to new section 172C of ITTOIA 2005, or paragraph 7 of Schedule 15, a thing becoming trading stock, c in relation to new section 172D of ITTOIA 2005, or paragraph 8 of Schedule 15, a disposal of trading stock, and d in relation to new section 172E of ITTOIA 2005, or paragraph 9 of Schedule 15, an acquisition of trading stock.