120 Acquisition of new herd begun within 5 years of sale
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

120  Acquisition of new herd begun within 5 years of sale

(1)     This section applies for the purpose of calculating the profits of the trade if—

(a)     either all at once or over a period not longer than 12 months, the herd (“the old herd”) is sold, and

(b)     the farmer acquires or starts to acquire another production herd of the same class (“the new herd”) within 5 years of the sale.

(2)     Section 116 (replacement of animals in herd) applies as if a number of animals equal to—

(a)     the number of animals in the old herd, or

(b)     if smaller,

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Enforcing a warrant of control

Enforcing a warrant of controlThis Practice Note has been produced by enforcement specialists, The Sheriffs Office. It guides users through the process of enforcing a warrant of control obtained from the County Court as a method of enforcing a money judgment; whereby the judgment creditor takes

LEXISNEXIS

Title guarantee and covenants for title

On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.

LEXISNEXIS

Strict liability

Strict liabilityStrict liabilityWhen an offence does not require proof of a mental element it is an offence of strict liability. There are some common law offences of strict liability (eg public nuisance, outraging public decency and contempt) most though are statutory, arising often under

LEXISNEXIS

What happens when a client receives a custodial sentence?

What happens when a client receives a custodial sentence?This Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the