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Chapter BIM55570

Document Cited authorities 1 Cited in Related
Vincent
Published date22 November 2013
Record NumberBIM55570
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

S112 Income Tax (Trading and Other Income) Act 2005, S110 Corporation Tax Act 2009

A herd basis election applies to all production herds (see below) of a particular class (see BIM55590) kept by the person making the election.

PRODUCTION HERDS

`Production herd’ means a collection of animals, or other living creatures, of the same species (irrespective of breed) kept by a farmer or trader wholly or mainly for the products which they produce for him to sell, being products obtainable from the living animal. The definition includes:

  • animals, or other living creatures, kept for the breeding and sale of their offspring (including thoroughbred horses kept for breeding purposes, where the progeny is wholly or mainly for sale),
  • animals, or other living creatures, kept for the production and for the sale of such products as milk, wool, eggs or honey.

The legislation also applies, with the necessary adaptations, to:

  • animals kept singly rather than in herds,
  • shares in animals (see BIM55635).
ANIMALS WHICH ARE EXCLUDED

The following animals are excluded from the herd basis, either because they fall outside the general definition of a `production herd’, or by specific exclusion:

  • animals which are kept primarily for fattening or...

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