Part 3

Trading income
Chapter 8

Trade profits: herd basis rules

The herd basis rules

Initial cost of herd and value of herd
112
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.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)