Section EC 1 — Income Tax Act 2007: Application of this subpart

EC 1 Application of this subpart When this subpart applies (1) This subpart applies to the valuation of property when a person who owns or carries on a business, other than of selling livestock, holds livestock for the purposes of sale or exchange in the ordinary course of carrying on the business. Groups of livestock (2) For the purposes of this subpart, livestock is divided into— (a) specified livestock: (b) non-specified livestock: (c) high-priced livestock: (d) bloodstock. Defined in this Act: bloodstock , business , high-priced livestock , non-specified livestock , specified livestock , Compare: 2004 No 35 s EC 1 Section EC 1(1) heading: replaced (with effect on 1 April 2008), on 2 November 2012, by section 30(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section EC 1(1): replaced (with effect on 1 April 2008), on 2 November 2012, by section 30(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).