BIM55610 | Farming: herd basis: new partnerships and changes in partnerships

S124(8) Income Tax (Trading and Other Income) Act 2005, S122(8) Corporation Tax Act 2009

A newly constituted partnership, including a case in which there has been a change in an existing partnership, if it keeps a production herd of any class, will have a right of election in respect of herds of that class. Any election already made by an individual partner, or by the previous partnership, in respect of herds of that class will be of no effect in relation to the herds kept by the new partnership.