Taxes Consolidation Act 1997 section 669D

Manner of making allowances and charges

Section 669D (now repealed) restricted the milk quota capital allowance to persons who were taxed on the profits or gains of a farming trade and who used the quota as part of that trade.

• The milk quota allowance was only available where the person was chargeable to tax on the profits or gains of a trade of farming.
• The qualifying quota had to be used as part of that farming trade.
• Both conditions — being taxed on farming profits and using the quota in the trade — had to be met before any allowance or charge could apply.
• Any allowance or charge in respect of expenditure on a qualifying quota was made in computing the farming trade profits under Schedule D Case I (i.e. for income tax or corporation tax purposes).