Section 117 Sale of whole or substantial part of herd
(1)
This section applies for the purpose of calculating the profits of the trade if, either all at once or over a period not longer than 12 months, the herd or a substantial part of the herd is sold unless—
(a)
section 118 applies (acquisition of new herd begun within 5 years of sale), or
(b)
section 120 applies (replacement of part sold begun within 5 years of sale),
but paragraph (a) is subject to subsection (5) of section 118 (so far as that section provides for a case in which this section is to apply).
(2)
A profit arising from the sale is not brought into account as a receipt.
(3)
No deduction is allowed for a loss arising from the sale.
Notes on Part 3
Modifications
- C1
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)