Corporation Tax Act 2009 section 126

Information if election made

Section 126 gives HMRC the power to request information about animals kept for the purposes of a trade where a herd basis election has been made.

• Where a herd basis election is in effect, an HMRC officer may require the company to provide information about the animals kept for trade purposes.
• This ensures HMRC can verify the details of production herds and any transactions involving those animals.
• The company must supply such information as the officer reasonably requires in connection with the election.
• This provision corresponds to the income tax equivalent in section 128 of ITTOIA for unincorporated businesses.