The Herd Values for livestock has been released for 2023 by IRD. For any farmers who have their livestock valued at the National Standard Cost Scheme (NSC) then 2023 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 decrease for Sheep values varies from 3.13% for Rams to 18.37% for Mixed-age wethers and the increase in Beef Cattle values varies from 6.24% for R3 Steers and bulls to 13.86% for R1 Steers and bulls.
From 2020, the values went up year after year as follows: