§ Mr. Watkinsonasked the Chancellor of the Exchequer what is the level of stock relief available to a working farmer.
§ Mr. Robert SheldonStock relief is available to farmers on the same basis as for other traders. The amount of relief is the increase in the value of trading stock for tax purposes, less 15 per cent. of trading profit after capital allowances. Animals forming part of a production herd and included in a "herd basis" election are not included as trading stock and therefore do not qualify for stock relief.