Related HMRC Manuals

118(1)  This section applies for the purpose of calculating the profits of the trade if an animal is sold from the herd unless–

(a)it is replaced in the herd by another animal (see section 116), or

(b)it is sold as part of the sale of the whole or a substantial part of the herd that takes place all at once or over a period not longer than 12 months (see section 119).

118(2)  A profit arising from the sale is brought into account as a receipt.

118(3)  A deduction is allowed for a loss arising from the sale.

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