{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-119",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-119.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/119",
  "kind": "section",
  "number": "119",
  "heading": "Sale of whole or substantial part of herd",
  "text": "(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—\n(a) section 120 applies (acquisition of new herd begun within 5 years of sale), or\n(b) section 122 applies (replacement of part sold begun within 5 years of sale),\nbut paragraph (a) is subject to subsection (5) of section 120 (so far as that section provides for a case in which this section is to apply).\n(2) A profit arising from the sale is not brought into account as a receipt.\n(3) No deduction is allowed for a loss arising from the sale.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/119",
    "retrieved_at": "2026-10-29T09:16:32.370392+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."
}