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HMRC internal manual

Business Income Manual

From
HM Revenue & Customs
Updated
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Farming: herd basis: what constitutes substantial reduction

S113(6) Income Tax (Trading and Other Income) Act 2005, S111(6) Corporation Tax Act 2009

A reduction may be regarded as substantial if it amounts to 20% or more of the animals in the herd, though a lesser percentage may be capable of being substantial in the circumstances of the particular case.