Finance Act 2017

Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land)

15. (1) Section 664 of the Principal Act is amended—

(a) in subsections (1) and (7), by substituting “EU Basic Payment Scheme” for “EU Single Payment Scheme”, and

(b) in subsection (8), by substituting the following for paragraphs (a) and (b):

“(a) a qualifying lessee of the lease (in this paragraph referred to as the ‘first mentioned lease’), or a person connected with that qualifying lessee of the first mentioned lease, is a qualifying lessor of another qualifying lease (in this paragraph referred to as the ‘second mentioned lease’) where the qualifying lessor of the first mentioned lease is a qualifying lessee of the second mentioned lease,

(b) a qualifying lessee of the lease (in this paragraph referred to as the ‘first mentioned lease’) is a qualifying lessor of another qualifying lease (in this paragraph referred to as the ‘second mentioned lease’) where that qualifying lessor of the first mentioned lease, or a person connected with that qualifying lessor, is a qualifying lessee of the second mentioned lease, or”.

(2) Subsection (1)(b) shall come into operation on 2 November 2017.