Finance Act, 1995

Amendment of section 39 (amendment of provisions regarding replacement of assets) of Finance Act, 1982.

73.—(1) Section 39 of the Finance Act, 1982 , is hereby amended by the addition of the following subsections after subsection (3):

“(4) Subsection (1) shall not apply to a relevant disposal where the relevant local authority gives a certificate in writing to the person making the disposal stating that the land being disposed of is subject to a use which, on the basis of guidelines issued by the Minister for the Environment, is inconsistent with the protection and improvement of the amenities of the general area within which that land is situated or is otherwise damaging to the local environment.

(5) Subsection (2) shall not apply to a relevant disposal made to an authority possessing compulsory purchase powers where—

(a) at the time of the disposal, the original assets (within the meaning of section 5 of the Act of 1978) consist of land occupied and used only for the purposes of farming, and

(b) the disposal is made—

(i) for the purposes of enabling the authority to construct, widen or extend a road, or part of a road, or

(ii) for a purpose connected with, or ancillary to, the construction, widening or extension of a road, or part of a road, by the authority.

(6) (a) In subsection (4) ‘the relevant local authority’, in relation to a relevant disposal, means the council of a county or the corporation of a county or other borough or, where appropriate, the urban district council, in whose functional area the land being disposed of is situated.

(b) In subsection (5) ‘farming’ has the same meaning as it has in Chapter II of Part I of the Finance Act, 1974 , by virtue of section 13 of that Act.”.

(2) Subsection (1) shall apply and have effect as respects disposals made on or after the 6th day of April, 1995.