Corporation Tax Act 2009 section 171

Determination of questions

Section 171 provides that any dispute about the valuation of trading stock on cessation of a trade must be resolved through the tax tribunal appeal process.

• Disputes about trading stock valuation on cessation are resolved through the tribunal appeal process
• This covers questions arising under the rules for choosing between cost and sale price valuations (section 164(3))
• It also covers questions about the sale basis of valuation rules (sections 165 to 167), including sales to unconnected and connected persons
• The equivalent income tax rule for unincorporated businesses is found in section 186 of ITTOIA