Tax on sale of racehorses

L

Liamos

Registered User
Messages
127
Can anyone tell me if profits from the sale of racehorses are taxable? I know income from stud fees used to be tax free, but am not sure about income from the sale of racehorses. I would appreciate it if someone could point me in the right direction!
 
Thanks for the reply but do you have anything to back this up with? I understood that a horse was a wasting chattel and therefore not taxable?
 
It depends whether you're trading in the sale of race horses. Refer to the Badges of Trade. A sale of a racehorse is not liable to CGT or income tax. The frequency is important here.
 
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