Pierce Arrow (AUS)

Lush Lips (GB), who won Keeneland’s Queen Elizabeth II Challenge Cup (G1) Presented by Dixiana last month, sold for $3.7 million to Dixiana Farm to top Tuesday’s Book 1 opener of the Keeneland November Breeding Stock Sale. A strong weanling trade and the sale of 17 horses for $1 million or more also marked the session, which posted double-digit increases across the board.

Back in May of this year I was very pleased to share details of a tax case that held that a farmer need not pay Capital Gains Tax (CGT) on the subdivision and sale of his 10-acre holding. CGT was avoided as it only applies to capital assets acquired on or after 19 September 1985.