Section EC 21 — Income Tax Act 2007: Herd livestock on death before values determined

EC 21 Herd livestock on death before values determined When this section applies (1) This section applies when— (a) a person dies; and (b) herd livestock owned by the person is disposed of before the 1 February that precedes the determination of the national average market values for the income year in which the person dies; and (c) the person’s return of income to the date of death is filed before the national average market values for the income year are determined. Value of herd livestock (2) The value of herd livestock that is disposed of is either the herd value of the livestock for the previous income year or, if the person has adopted a herd value ratio, the herd value multiplied by the ratio applying in the previous income year. Defined in this Act: herd livestock , herd value , herd value ratio , income year , national average market value , return of income , Compare: 2004 No 35 s EC 21