Section 996 — Income Tax Act 2007: Meaning of “farming” and related expressions

Meaning of “farming” and related expressions 996 1 In the Income Tax Acts “ farming ” means the occupation of land wholly or mainly for the purposes of husbandry, but does not include market gardening (see subsection (5)).

2 In subsection (1) “ husbandry ” includes—

a hop growing, and b the breeding and rearing of horses and the grazing of horses in connection with those activities.

3 For the purposes of the Income Tax Acts the cultivation of short rotation coppice is regarded as husbandry and not as forestry.

4 In the Income Tax Acts “ woodlands ” does not include land on which short rotation coppice is cultivated.

5 In the Income Tax Acts “ market gardening ” means the occupation of land as a garden or nursery for the purpose of growing produce for sale.

6 For the purposes of this section “ short rotation coppice ” means a perennial crop of tree species planted at high density, the stems of which are harvested above ground level at intervals of less than 10 years. 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .