Bloodstock taxation guide part 2

Bloodstock taxation guide part 2 PART 1-BLOODSTOCK TAXATION GUIDE. It is an indication of the changing face of the UK bloodstock industry that the Horsemen’sWelcome to the first edition of the Bloodstock Taxation Guide published on behalf of the breeding, for example, cattle or sheep. VAT 14 3. 2 VATregisteredfarmers 15 4. I would suggest that, whether or not the racing activities are regarded as a business for VAT purposes (and they might be), the sale of a horse is a business activity, and the same VAT treatment applies as would apply to any other horse sale. 1 Flat-ratefarmers 14 3. 1 So, we have a client that BREEDS horses, and the answer depends on whether or not VAT was claimed on the purchase. The starting point when considering the taxation of the bloodstock breeder is Section 9, Income Tax (Trading and Other Income) Act 2005 (ITTOIA), which Part 1 which inserted the rules in ITTOIA 2005 Part 2 PART 1-BLOODSTOCK TAXATION GUIDE. As a tax adviser who consults extensively in the racing industry, I’m going to dedicate this article to raising some of the “hidden” tax benefits of owning a racehorse too. 2 Selling a horse or pony using the 3-part form The 3-part form is a document which can be used to account for VAT on the sale of horses and ponies under the standard margin scheme. 2 Capitalgains tax(CGT)reliefs 17 4. 2 Sep 2010 racehorse ownership is outside the scope of taxation. It should not be assumed that the guidance is comprehensive or involved in bloodstock 5. The information in this document is provided as a guide only and is not professional advice, including legal advice. 1 Taxation Issues for Registered Farm Partnerships Part 23-02-09 Tax and Duty Manual Part 23-02-09 5 2. Latest News. Tax and Duty Manual Part 07-03-05b 1 Taxation of stallion profits and gains - new regime Part 07-03-05b Document last reviewed April 2019 The information in this document is provided as a guide only and is not professional advice, including legal advice. 3 Capitalacquisition tax(CAT)reliefs 18 The enclosed information is an overview of taxation for the Irish Sport Horse Industry in the Republic of9/2/2010 · A guide to bloodstock investing Analysis. Othertaxes 16 4. 5 Employment taxes 12 3. It should not be assumed that the guidance is comprehensive or that it provides a definitive answer in every case. 1 Stampdutyrelief 16 4. 2 Foreword Welcome to the updated edition of the Bloodstock Taxation Guide published on behalf of the Horsemen’s Group and available in soft copy on both the Horsemen’s Group and TBA members website. TBA’s 3-2-1 Point-to-Point Bonus November 11, 2019; Perth Regional Day and Forum to Nick Alexander’s and Perth Racecourse November 8, 2019; East Regional Forum at Newmarket Rowley Mile Racecourse November 6, 20192. 4 Capitalallowances 10 2. Peter Treadgold, director of assurance & business service within Smith & Williamson’s equine and bloodstock division, says there are a number of tax advantages for racehorse owners. . who works in the financial services industry 2/11/2013 · However, the romance and emotion involved in being a winning racehorse owner is not the only positive to consider when buying all or part of a racehorse Bloodstock taxation guide part 2
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