Finance Act, 1980
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Occupation of farm land for purposes of resource tax. |
36.—For the purposes of this Part any question as to the rateable valuation of farm land occupied by a person at any particular time or as to the rateable valuation of farm land occupied by a person for a year of assessment shall be determined in the same manner and on the same basis as it would be determined in the case of an individual for the purposes of Chapter II of Part I of the Finance Act, 1974 , and in this Part “farm land” shall have the meaning assigned to it by that Chapter and “occupies” and “occupied” shall be construed in accordance with the meaning assigned to “occupation” by that Chapter: | |
Provided that, in determining the amount of the charge to tax in any case for any year of assessment under section 30 (2)— | ||
(a) where— | ||
(i) for the said year of assessment a person is chargeable to income tax or to corporation tax under Case V of Schedule D in respect of profits or gains from any rent or any receipts in respect of any easement in relation to any part of the farm land occupied by him, and | ||
(ii) the said rent or the said receipts are, having regard to values prevailing at the time, not less than the amount which could have been obtained on the basis that the negotiations for the rent or the receipts had been at arm's length, | ||
the said section 30 (2) shall not apply for that year of assessment to the rateable valuation of the part of the farm land from which the said profits or gains so chargeable under Case V of Schedule D arise, | ||
(b) In relation to any farm land occupied, or deemed to be occupied, by a person in partnership with any other person or persons, there shall be taken into account for that year of assessment only that proportion of the rateable valuation of the farm land so occupied in partnership as bears to that rateable valuation the same proportion as his share of the partnership profits or losses, on an apportionment thereof made in accordance with the terms of the agreement as to the sharing of those profits or losses bears to the said profits or losses of the partnership. |