Finance Act, 1980

Marginal relief.

31.—(1) Where, for any year of assessment, resource tax is chargeable upon farm land occupied by a person, the amount of resource tax so chargeable shall not exceed the amount determined by the formula—

T

×

V

__

10

where—

T is the amount of resource tax that would, but for the provisions of this section, be payable by the person for that year of assessment, and

V is 1 or, if greater, the number equivalent to the amount by which the rateable valuation of the farm land occupied by the person for the year of assessment exceeds £69.

(2) This section shall not apply in any case where the rateable valuation of the farm land occupied by a person at any time during the year of assessment exceeds £79.