BIM55635 - Farming: herd basis: shares in animals

ICTA88/SCH5/PARA9 (4)(b) extends the herd basis rules to shares in animals as they apply to animals. This rule was introduced by FA00/S76. Previously the same treatment was given under extra-statutory concession ESC/B37. The rule applies both to shares in single production animals used by a farmer for the purposes of his herd, and to shares in animals forming part of a herd.

In practice, the most common use of this rule is likely to be where there is a jointly owned herd under a share farming agreement (see BIM55640).