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

Part 2 U.K. Trading income

[F1 CHAPTER 16ZA U.K. COMPENSATION FOR COMPULSORY SLAUGHTER OF ANIMALS

Textual Amendments

F1 Pt. 2 Ch. 16ZA inserted (1.3.2012) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 6 (with art. 9)

225ZB Right to make claim U.K.

(1) The farmer may make a claim under this section.

(2) A claim may only be made in respect of the total compensation profit for a period of account.

(3) The total compensation profit for a period of account is the sum of the profits which the farmer makes for all the relevant animals slaughtered in that period.

(4) For the purposes of this Chapter the profit which the farmer makes for a relevant animal is—

(a) the amount by which the compensation for the animal exceeds its book value, or

(b) if the trade is carried on in partnership, the farmer’s share of that amount, determined in accordance with Part 9.

(5) Nothing in this section prevents a claim being made before the amount of the compensation has been finally determined.]