In this Chapter-
"excess relief" has the same meaning as in section 485C;
"initial value" in relation to a stallion means its market value on - (a) 1 August 2008, or (b) the day it is either acquired for, or appropriated to, stud activities, as the case may be whichever is later, and any reference to a stallion includes a reference to an interest in a stallion;
"market value" at any time in relation to a stallion, means the price which the stallion might reasonably be expected to fetch on a sale in the open market and in a case where a person (the ‘purchaser') acquires the stallion from another person (the ‘vendor') - (a) at arm's length, and (b) the purchaser and the vendor are not connected persons (within the meaning of section 10), then the market value is the price paid;
"relevant amount" in relation to a year of assessment and an individual, means an amount determined by the formula - A - B where - A is the amount of income tax p
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