Part HTaxation of certain entities
Joint venturers, partners, and partnerships
HG 10Disposal of livestock
This section applies when an exiting partner disposes of some or all of their partner's interests to an entering partner and section HG 3(3) applies, to the extent to which those interests include specified livestock and that specified livestock includes female breeding livestock and, for the income year, the partners use—
- the national standard cost scheme for specified livestock, described in section EC 22 (National standard cost scheme); or
- the cost price method for specified livestock, described in section EC 25 (Cost price, replacement price, or market value).
Section EC 26B (Entering partners' cost base) may apply to the entering partner for the purposes of determining the value of the specified livestock at the end of an income year for the purposes of section EC 2 (Valuation of livestock).
This section does not apply for the partners of a partnership if section HG 3(1) applies.
Notes
- Section HG 10: substituted (with effect on 1 April 2009), on , by section 276(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section HG 10(1): amended, on , by section 83(1) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
- Section HG 10(3) heading: inserted (with effect on 1 April 2008), on , by section 83(2) (and see section 83(4) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
- Section HG 10(3): inserted (with effect on 1 April 2008), on , by section 83(2) (and see section 83(4) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
- Section HG 10 list of defined terms entering partner: inserted (with effect on 1 April 2009), on , by section 189(2) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
- Section HG 10 list of defined terms exiting partner: inserted, on , by section 83(3) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
- Section HG 10 list of defined terms partnership: inserted, on , by section 83(3) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).