Finance Act 2014

Exemption of certain payment entitlements

51. The Principal Act is amended by inserting the following section after section 604B:

“Exemption of certain payment entitlements

604C. (1) In this section—

‘farmer’ and ‘payment entitlement’ have the same meanings, respectively, as they have for the purposes of Council Regulation (EC) No. 73/2009 of 19 January 2009 8 ;

‘scheme year 2013’ means the period beginning on 16 May 2012 and ending on 15 May 2013;

‘scheme year 2014’ means the period beginning on 16 May 2013 and ending on 15 May 2014.

(2) The disposal by farmers in the scheme year 2014 of payment entitlements that have, together with the land on which eligibility for the payment entitlements is based, been fully leased in the scheme year 2013 shall be exempt from capital gains tax.”.

8OJ No. L30, 31.1.2009, p.16