Page 16 - PowerPoint Presentation

ALLOWANCES & CAPITAL GAINS

Anti-avoidance

• Deduction for cost price denied if:

• Not disposed by TP (no GI proceeds)

• Nor Held by him (no closing stock inclusion)

Then expense deferred until first year that:

• Stock disposed of; or

• Included in closing stock; or

• Can show will never be sold or no longer held

(lost).

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