Section 127C | Book value

(1)For the purposes of this Chapter the book value of an animal is the value shown in the accounts as the value of the animal at the start of the accounting period in which it was slaughtered.

(2)If, for an animal, no value is shown in the accounts as that value, the book value is as follows—

(a)in the case of an animal which was born in the accounting period in which it was slaughtered and did not become part of the trading stock in any other way, the book value is 75% of the compensation payable for it,

(b)in the case of an animal in relation to which section 158 (trading stock supplied by trader) or 160 (acquisitions not made in the course of trade) applies, the book value is the cost treated as incurred under section 158(2) or 160(2) as the case may be, and

(c)in any other case, the book value is the cost of acquiring the animal for the purposes of the trade.