Commentary

B5.161 Growing crops—deemed cost

Business tax
Business tax | Commentary

B5.161 Growing crops—deemed cost

Business tax | Commentary

B5.161 Growing crops—deemed cost

Valuation should only be based on deemed cost where it is not possible to ascertain actual costs from records1. Dead stock, ie harvested crops, may subject to this rule be valued on a deemed cost basis and the percentage of open market value acceptable is 75%.

For the treatment of the basic (formerly single) payment, see B5.120–B5.127.

Unexhausted manures may be included in stock valuations, though they need not be. The current practice set out by the Central Association of Agricultural Valuers and the Royal Institution of Chartered Surveyors in new cases is to capitalise unexhausted manures in

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