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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 May 2008 - onwards
    Version 1 of 1    

669I. Provisions as to deductions.

(1) Where any person acquires ownership or part-ownership of a stallion, the profits or gains in relation to which are chargeable in accordance with section 669H(2), then that person, in computing the amount of income to be charged to tax under the Tax Acts for any chargeable period, shall not be entitled, other than in accordance with subsection (2), to any deduction in respect of expenditure incurred on such acquisition.

(2)

(a) Where the profits or gains referred to in subsection (1) are chargeable in accordance with section 669H(2)(a), for each of 4 consecutive chargeable periods, the first of which begins with the chargeable period in which-

(i) 1 August 2008 occurs, in a case where the stallion is owned or part-owned on that day, or

(ii) in any other case, the stallion is either acquired for, or appropriated to, stud activities, as the case may be,

the owner or part-owner of the stallion shall, in computing for the purposes of tax the trading income of the trade of farming referr

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