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FB 14: Specified livestock
or “Rules for transferring farm animals during a relationship property settlement”
You could also call this:

“Rules for transferring herd-scheme livestock in relationship property settlements”

When you transfer specified livestock as part of a relationship property settlement, and you’ve been valuing that livestock using the herd scheme, you need to follow some special rules. These rules are found in sections EC 4B and EC 4C of the law. These sections talk about how to handle livestock in these situations. Remember, this only applies if you’ve been using the herd scheme to value your livestock before the transfer.

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Next up: FB 16: Non-specified livestock

or “Rules for livestock not on the official list when given in a divorce or separation”
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Part F Recharacterisation of certain transactions
Transfers of relationship property

FB 15Specified livestock valued under herd scheme

  1. If specified livestock is transferred on a settlement of relationship property and the specified livestock is valued under the herd scheme by the transferor, then sections EC 4B and EC 4C (which relate to livestock) apply.

Notes
  • Section FB 15: replaced (with effect on 28 March 2012), on , by section 55 of the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 (2013 No 52).
  • Section FB 15: amended, on , by section 103 of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).