All Milk Quota will cease to exist on 31 March 2015. This means that the cost of purchasing Milk Quota will be a Capital Loss which is allowable against other Capital Gains made on the sale of assets.
If you haven’t made any Capital Gains it is very important that your accountant keeps a record of the Capital Loss on Milk Quota to use in future years when you sell assets.
For more information, contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
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