The rule in Sharkey (HMIT) v Wernher (1955) 36 TC 275 (disposal of stock at an undervalue: see ¶226-550) does not apply to gifts of trading stock to certain charities or other bodies (ITTOIA 2005, s. 108). (Parallel rules ensure that no disposal value of used plant and machinery donated for such purposes need be brought into account (CAA 2001, s. 63(2)) (see ¶238-235)).

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