Income Tax (Trading and Other Income) Act 2005 section 111

Election for application of herd basis rules

Section 111 allows a person who keeps or has kept a production herd for trade purposes to elect for the herd basis rules to apply, so that herd animals are not treated as trading stock but are instead dealt with under special rules.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.