Finance Act, 1991

Application of section 10 (exemption of certain income from leasing of farm land) of Finance Act, 1985.

10.—(1) In this section, “qualifying lease”, “qualifying lessor” and “the specified amount” have the meanings respectively assigned to them by section 10 (1) of the Finance Act, 1985 .

(2) As respects a qualifying lease or qualifying leases made on or after the 30th day of January, 1991, the said section 10 (1) shall have effect as if references therein to £2,000 were references to—

(a) where the qualifying lease or qualifying leases is or are for a definite term of seven years or more, £4,000, and

(b) in every other case, £3,000:

Provided that, where the income of a qualifying lessor consists of, or includes, rent or rents from a qualifying lease or qualifying leases made before the 30th day of January, 1991, and from a qualifying lease or qualifying leases made on or after that date, the specified amount shall not exceed £4,000 or, as may be appropriate, £3,000.