{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-5/paragraph-1",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-5/paragraph-1.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "schedule/5/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) Subject to the provisions of this Schedule, in computing profitschargeable to corporation tax under Case I of Schedule D, animals kept by a farmer for the purposes of its farming shall be treated as trading stock.\n(2) Animals forming part of production herds with respect to which an election under paragraph 2 below has effect shall not be so treated, but shall be treated instead in accordance with the rules set out in paragraph 3 below.\n(3) An election under paragraph 2 below is referred to in this Schedule as “an election for the herd basis”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 5 para. 1(1) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 5 para. 1(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 343(2)(a) (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 5 para. 1(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 343(2)(b) (with Sch. 2)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "Source—1970 Sch.6; 1973 s.35; 1984 s.48(6)-(9)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/5/paragraph/1",
    "retrieved_at": "2026-10-29T09:49:54.309394+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}