Finance (No. 2) Act 2017
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Change 1
26 Elections in relation to assets appropriated to trading stock
(1) Section 161 of TCGA 1992 (appropriations to and from trading stock) is amended as follows. (2) In subsection (3)— (a) for “a person's appropriation of an asset for the purposes of a trade” substitute “ a case where a chargeable gain would have accrued to a person on the appropriation of an asset for the purposes of a trade as mentioned in that subsection ”, and (b) for “the chargeable gain or increased by the amount of the allowable loss referred to in subsection (1), and where that subsection” substitute “ that chargeable gain, and where subsection (1) ”. (3) In subsection (3ZB)— (a) in paragraph (a)— (i) omit “or loss”, and (ii) omit “or an allowable loss”, (b) in paragraph (b)— (i) omit “, or increased by the amount of any loss,” and (ii) omit “or allowable loss”, and (c) in paragraph (c), at the end insert “ and a loss which accrues on that disposal which is not ATED-related is also unaffected by the election ”. (4) The amendments made by this section have effect in relation to appropriations of assets made on or after 8 March 2017.
26 Elections in relation to assets appropriated to trading stock
(1) Section 161 of TCGA 1992 (appropriations to and from trading stock) is amended as follows. (2) In subsection (3)— (a) for “a person's appropriation of an asset for the purposes of a trade” substitute “ a case where a chargeable gain would have accrued to a person on the appropriation of an asset for the purposes of a trade as mentioned in that subsection ”, and (b) for “the chargeable gain or increased by the amount of the allowable loss referred to in subsection (1), and where that subsection” substitute “ that chargeable gain, and where subsection (1) ”. (3) In subsection (3ZB)— (a) in paragraph (a)— (i) omit “or loss”, and (ii) omit “or an allowable loss”, (b) in paragraph (b)— (i) omit “, or increased by the amount of any loss,” and (ii) omit “or allowable loss”, and (c) in paragraph (c), at the end insert “ and a loss which accrues on that disposal which is not ATED-related is also unaffected by the election ”. (4) The amendments made by this section have effect in relation to appropriations of assets made on or after 8 March 2017.
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