Computing depreciation of unsold stock for cash.
Commissioners of Revenue and Customs v. William Grant and Sons Distillers Ltd.
“Taxpayer companies that had carried forward that part of the depreciation in fixed assets that related to production of unsold stocks as part of the cost of unsold stocks had not infringed the prohibition in section 74(1)(f) of the Income and Corporation Taxes Act 1988, as renumbered by section 144(2) of the Finance Act 1994, of deductions for the depreciation of capital assets.
The Times, 2nd April 2007
Source: www.timesonline.co.uk
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