Finance Act, 1998
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Amendment of section 598 (disposals of business or farm on “retirement”) of Principal Act. |
72.—(1) Section 598 of the Principal Act is hereby amended in subsection (1)— | |
(a) in the definition of “qualifying assets”— | ||
(i) by the substitution for paragraph (i) of the following: | ||
“(i) the chargeable business assets of the individual which apart from tangible moveable property he or she has owned for a period of not less than 10 years ending with the disposal and which have been his or her chargeable business assets throughout the period of 10 years ending with that disposal,”, | ||
(ii) by the substitution, in paragraph (ii), of “for a period of not less than 5 years, and” for “for a period of not less than 5 years;”, | ||
and | ||
(iii) by the insertion after paragraph (ii) of the following: | ||
“(iii) land used for the purposes of farming carried on by the individual which he or she owned and used for that purpose for a period of not less than 10 years ending with the transfer of an interest in that land for the purposes of complying with the terms of the Scheme;”, | ||
and | ||
(b) by the insertion after the definition of “qualifying assets” of the following: | ||
“‘the Scheme’ means the scheme known as the Scheme of Early Retirement From Farming introduced by the Minister for Agriculture and Food for the purpose of implementing Council Regulation (EEC) No. 2079/92 of 30 June 1992* ;”. | ||
(2) This section shall apply as respects a disposal of an asset on or after the 6th day of April, 1998. | ||