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EB 24: Apportionment on disposal of business assets that include trading stock
or “Law about dividing money from selling business items, including stock, has been removed”
You could also call this:

“This section explains when and how the livestock valuation rules apply to businesses”

This part of the law applies to you if you own or run a business that holds livestock for selling or trading as part of your regular business activities. It doesn’t apply if your main business is selling livestock.

When this law talks about livestock, it splits them into four groups:

  1. Specified livestock
  2. Non-specified livestock
  3. High-priced livestock
  4. Bloodstock

These rules help figure out how much your livestock is worth for tax purposes.

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Next up: EC 2: Valuation of livestock

or “How to value your livestock at the end of each tax year”
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Part E Timing and quantifying rules
Valuation of livestock

EC 1Application of this subpart

  1. This subpart applies to the valuation of property when a person who owns or carries on a business, other than of selling livestock, holds livestock for the purposes of sale or exchange in the ordinary course of carrying on the business.

  2. For the purposes of this subpart, livestock is divided into—

  3. specified livestock:
    1. non-specified livestock:
      1. high-priced livestock:
        1. bloodstock.

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          Notes
          • Section EC 1(1) heading: replaced (with effect on 1 April 2008), on , by section 30(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
          • Section EC 1(1): replaced (with effect on 1 April 2008), on , by section 30(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).