Section EC 47 — Income Tax Act 2007: Change of use of bloodstock in course of business

EC 47 Change of use of bloodstock in course of business Use outside business (1) If a bloodstock owner who is in the business of breeding bloodstock for sale starts to use bloodstock other than in the course of the business, they are treated as having disposed of the bloodstock. The disposal is treated as having occurred at market value on the day on which they changed the use of the bloodstock. Use in business (2) If a bloodstock owner who is in the business of breeding bloodstock for sale has been using bloodstock for other purposes, and they start to use the bloodstock in the course of the business, the bloodstock is treated as having been bought by the bloodstock owner. The purchase is treated as having occurred at market value on the day on which the bloodstock owner changed the use of the bloodstock. Defined in this Act: bloodstock , business , Compare: 2004 No 35 s EC 47