BIM55600 - Farming: herd basis: time limit
for making election
Where the first chargeable period affected by the herd basis
election is-
- in an Income Tax case, 1996-97 or
later,
- in a Corporation Tax case, an accounting
period ending on or after 1 July 1999,
the time limit for making the election is -
- in the case of a sole trader, twelve
months after the fixed filing date for the first year of
assessment, after the year of commencement, for which the farming
profits or losses are computed by reference to a period during
which the taxpayer kept a production herd of the specified
class;
- in the case of a partnership, twelve
months after the fixed filing date for the year of assessment in
which the first period of account during which the partnership kept
a production herd of the specified class ended;
- in the case of a company, two years from
the end of the first accounting period during which the company
kept a production herd of the specified class.
In each case, the election takes effect from when the taxpayer
first starting keeping a production herd of the specified
class.
