Section 53 Cattle and milk dealers
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(1) In this section-
"farm land" means land in the State wholly or mainly occupied for the purposes of husbandry, other than market garden land within the meaning of section 654;
"occupation", in relation to any land, means having the use of that land.
(2) The occupation by a dealer in cattle, or a dealer in or a seller of milk, of farm land which is insufficient for the keep of the cattle brought on to the land shall be treated as the carrying on of a trade, and the profits or gains thereof shall be charged under Case I of Schedule D.
How are the profits of cattle dealers and milk dealers taxed?
(1)-(2) If you are a cattle dealer or milk dealer and you use farm land, which is insufficient for the keeping of cattle brought onto the land, to graze your livestock you are regarded as carrying on a trade. You are charged to tax on the profits of...
