S116 Income Tax (Trading and Other Income) Act 2005, S114 Corporation Tax Act 2009

Where an animal leaving the herd is replaced (see BIM55520) by another animal:

(1)any proceeds from the sale of the animal leaving the herd (or insurance or compensation moneys received by reason of its death) should be included as a trading receipt; and

(2)the cost of the replacement animal, excluding the cost of any improvement in quality (see below), is an allowable deduction.

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