Finance Act, 1984

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Valuation of stock other than at beginning of period of account.

53.—Where for the purposes of this Chapter it is necessary to ascertain the value of a person's trading stock at a date other than the beginning of a period of account and that value has not in fact been ascertained, the person shall be treated as having at that date trading stock of such value as appears to the inspector (or, on appeal, to the Appeal Commissioners) to be reasonable and just having regard to all the relevant circumstances of the case and in particular to—

(a) the values of trading stock at the beginning and end of the period of account which includes the date in question,

(b) movements during that period of account in the costs of items of a kind comprised in the person's trading stock during the period, and

(c) changes during that period in the volume of the trade carried on by him.