Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 2 U.K. Trading income

Chapter 8 U.K. Trade profits: herd basis rules

The herd basis rules U.K.

114 Initial cost of herd and value of herd U.K.

(1) In calculating the profits of the trade, no deduction is allowed for the initial cost of the herd.

(2) In calculating the profits of the trade, the value of the herd is not brought into account.