Related Commentary  Related HMRC Manuals

49(1)  This section explains how the farming or market gardening activities (“the activities”) meet the reasonable expectation of profit test for the purposes of section 48(3)(b).

49(2)  The test is decided by reference to the expectations of a competent farmer or market gardener (a “competent person”) carrying on the activities.

49(3)  The test is met if–

(a)a competent person carrying on the activities in the year (“the current year”) after the prior 5 years would reasonably expect future profits (see subsection (4)), but

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