Taxes Consolidation Act 1997 section 669K

Miscellaneous (Chapter 4)

Section 669K provides miscellaneous rules relating to stallion valuations, stock relief, and the restriction of losses arising from stallion fee income taxed under Case IV of Schedule D.

• Revenue may consult with any person or body they consider helpful when determining the market value of a stallion for the purposes of this Chapter.
• Trading stock comprising stallions is disregarded for the purposes of stock relief under section 666, even though stallions within this Chapter are treated as trading stock.
• Where a stallion fee trade taxed under Case IV of Schedule D produces a loss, that loss cannot be set off sideways against other Case IV income of the same period.
• Such a loss may only be carried forward and set off against future stallion fee income (i.e. income to which section 669H(2)(b) applies), not against Case IV income generally.