Income Tax (Trading and Other Income) Act 2005 section 128

Information if election made

Section 128 requires a person who makes an election under section 126 (to use the herd basis) to provide HMRC with specific information about the herd and the animals within it.

• When a farmer or animal keeper elects into the herd basis, they must notify HMRC with details of the election.
• The notice must identify the class of animal to which the election relates and the number of animals in the herd at the start of the relevant period of account.
• The notice must also include the cost of the herd or, where appropriate, the value that was placed on the animals at the time they were acquired.
• The information must be provided to an officer of HMRC within the time limits that apply for amending a tax return for the relevant tax year.