Section EC 8 — Income Tax Act 2007: Restrictions arising from use of herd scheme

EC 8 Restrictions arising from use of herd scheme Herd scheme: first restriction on use of other method (1) A valuation method other than the herd scheme is not available to a person, in an income year, for animals of a class for which they use the herd scheme if the animals remaining to be valued under the herd scheme would be reduced to a number smaller than the number of any animals of the class that the person valued under the herd scheme at the end of the previous income year. Herd scheme: second restriction on use of other method (2) A person who values livestock of a particular type under the herd scheme must value all male breeding stock of that type under the herd scheme in an income year if, in the income year, they also value any livestock of that type under the national standard cost scheme or under the cost price method. No election after 18 August 2011 to change from use of herd scheme (3) A valuation method other than the herd scheme is not available to a person, in an income year after the 2011–12 income year, for a type of specified livestock if the person— (a) gives a notice of election, with application beginning for or before the income year, to use the herd scheme for the type of specified livestock; and (b) does not give before 18 August 2011 a later notice of election, with application beginning for or before the income year, to use another valuation method for the type of specified livestock. Defined in this Act: class , cost price , herd scheme , income year , national standard cost scheme , type , Compare: 2004 No 35 s EC 8 Section EC 8 heading: amended (with effect on 18 August 2011), on 29 May 2012, by section 5(1) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section EC 8(3) heading: inserted (with effect on 18 August 2011), on 29 May 2012, by section 5(2) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section EC 8(3): inserted (with effect on 18 August 2011), on 29 May 2012, by section 5(2) of the Taxation (Budget Measures) Act 2012 (2012 No 38).