1(1)M1Subject to the provisions of this Schedule, in computing profits or gains under Case I of Schedule D, animals kept by a farmer for the purposes of his farming shall be treated as trading stock.
(2)Animals forming part of production herds with respect to which an election under paragraph 2 below has effect shall not be so treated, but shall be treated instead in accordance with the rules set out in paragraph 3 below.
(3)An election under paragraph 2 below is referred to in this Schedule as “an election for the herd basis”.
Marginal Citations
M1Source—1970 Sch.6; 1973 s.35; 1984 s.48(6)-(9)