S68(3) Income Tax Act 2007 (ITA 2007), S49(3) Corporation Tax Act 2010 (CTA 2010)

The guidance on farming losses at BIM85600 onwards applies equally to stud farming. However, for the purposes of applying the reasonable expectation of profit test we have accepted that stud farming is a long term activity. Following discussions with the Thoroughbred Breeder's Association in 1982, the Inland Revenue wrote to them as follows:

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