C1Part 3Trading income

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Modifications etc. (not altering text)

Chapter 3Trade profits: basic rules

50Animals kept for trade purposes

1

Animals or other living creatures kept for the purposes of a trade are treated as trading stock if they are not kept wholly or mainly—

a

for the work they do in connection with the carrying on of the trade,

b

for public exhibition, or

c

for racing or other competitive purposes.

2

But they are not treated as trading stock if they are part of a herd in relation to which a herd basis election has effect (see Chapter 8).

3

This section applies to shares in animals or other living creatures as it applies to the creatures themselves.