(1) The profits or gains arising -
(i) to the owner of a stallion, which is ordinarily kept on land in the State, from the sale of services of mares within the State by the stallion, or
(ii) to the part-owner of such a stallion from the sale of such services or of rights to such services, or
(b) to the part-owner of a stallion, which is ordinarily kept on land outside the State, from the sale of services of mares by the stallion or of rights to such services, where the part-owner carries on in the State a trade which consists of or includes bloodstock breeding and the part-ownership of the stallion was acquired and is held primarily for the purposes of the service by the stallion of mares owned or partly-owned by the part-owner of the stallion in the course of that trade,
shall be exempt from income tax and corporation tax.
(2) As respects the making of a return of income (being a return which a chargeable person, within the meaning of section 950, is required to deliver under sect
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