Herd Values for livestock has been released for 2022 by IRD on 27 May 2022. For any farmers who still have their livestock valued at the National Standard Cost Scheme (NSC) then 2022 could be an opportune time to consider whether you should look at changing over to the Herd Scheme (National Average Market Values).
The upside to moving to Herd is that any future increases in the Herd Values is tax free from year to year. The downside to moving is that it brings forward the tax cost on the difference between the NSC and Herd value.
The average increase for Sheep values is 16.81% and for Beef Cattle is 14.14% and Dairy Cattle is 13.87%.
From 2020, the values went up year after year as follows: