Any farmer who keeps a production herd (see BIM55570) can elect for the herd basis, subject to the statutory time limits (see BIM55595 - BIM55605). For this purpose, the farmer may be a sole trader, a partnership or a limited company. Where farming is carried on in partnership, the election is made at the partnership level. If there is a change in the membership of the partnership, a fresh election is required (see BIM55610).
The herd basis also applies, with the necessary adaptations, to trades other than farming where a production herd is kept, for example, animal or fish breeding.
