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(1)A company, or a firm of which a company is a member, which keeps or has kept a production herd for the purposes of a trade may make an election under this Chapter (a “herd basis election”).
(2)In calculating the profits of the trade, animals which are part of a production herd in relation to which a herd basis election has effect—
(a)are not treated as trading stock (see section 50), but
(b)are treated instead in accordance with sections 112 to 121 (“the herd basis rules”).
(3)This Chapter is expressed in terms of farmers but applies to any company, or firm of which a company is a member, which keeps or has kept a production herd for the purposes of a trade, whether or not the trade is farming.
(4)References in this Chapter to keeping a production herd are to keeping it for the purposes of the trade.
(1)In this Chapter—
(a)“animal” means any animal or other living creature,
(b)“herd” includes a flock and any other collection of animals (however named), and
(c)“production herd” means, in relation to a farmer, a herd of animals of the same species (irrespective of breed) kept by the farmer wholly or mainly for the products obtainable from the living animal which the animals produce for the farmer to sell.
(2)For this purpose “the products obtainable from the living animal” means—
(a)the young of the animal, or
(b)any other product obtainable from the animal without slaughtering it.
(3)For the purposes of this Chapter the general rule is that immature animals kept in a production herd are not part of the herd.
(4)There is an exception to this rule if—
(a)the nature of the land on which the herd is kept means that animals which die or cease to be part of the herd can be replaced only by animals bred and reared on the land,
(b)the immature animals in question are bred in the herd and are maintained in the herd for the purpose of replacing other animals, and
(c)it is necessary to maintain the immature animals for that purpose.
(5)In that case the immature animals are part of the herd for the purposes of this Chapter, but only so far as they are required to prevent a fall in the numbers of the herd.
(6)References in this Chapter to an animal being added to a herd include references to an immature animal that is not part of the herd reaching maturity.
(7)This Chapter applies—
(a)in relation to animals kept singly as it applies in relation to herds, and
(b)in relation to shares in animals as it applies in relation to animals themselves.
(1)This section applies for the purposes of this Chapter.
(2)A production herd kept by a farmer is of the same class as another production herd only if—
(a)the animals kept in both herds are of the same species (irrespective of breed), and
(b)the products produced for the farmer to sell (for which the herds are wholly or mainly kept) are of the same kinds in both herds.
(3)References to the sale of an animal include references to its death or destruction.
(4)References to the sale proceeds of an animal include references to—
(a)money received from an insurer because of the animal's death or destruction,
(b)compensation money received because of the animal's death or destruction, and
(c)the sale proceeds of the animal's carcass or any part of its carcass.
(5)Female animals become mature—
(a)in the case of laying birds, when they first lay, and
(b)in any other case, when they produce their first young.
(6)20% or more of a herd is a substantial part of the herd, but a lesser percentage than 20% is capable of being a substantial part of the herd depending on the circumstances of the case concerned.
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