669H Charging provisions

This section contains the basic charging provisions.

(1) Any profits or gains arising in respect of stallion stud services are chargeable to income tax or corporation tax in accordance with subsection (2).

(2)(a) In circumstances where a stallion owner is otherwise chargeable under Case I of Schedule D in respect of the trade of farming, profits or gains from stallion stud services are treated as part of that trade and taxed accordingly. The consequence of this is that the normal trading deductions are allowed automatically and both losses arising in a year and those carried forward are treated in the normal way.

(2)(b) Profits or gains, arising in any other situation, are charged to tax under Case IV of Schedule D.

Relevant Date: Finance Act 2021