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Amendment of section 664 (relief for certain income from leasing of farm land) of Principal Act.
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12.— (1) Section 664 of the Principal Act is amended—
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(a) in subsection (1)(a) in the definition of “the specified amount”—
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(i) in subparagraph (ii)(V)(B) by deleting “or” where it last occurs, and
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(ii) by substituting the following for subparagraph (ii)(VI):
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“(VI) in the period beginning on 1 January 2004 and ending on 31 December 2005—
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(A) €10,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and
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(B) €7,500, in any other case,
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or
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(VII) on or after 1 January 2006—
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(A) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and
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(B) €12,000, in any other case,”,
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(b) in subsection (1)(b) by substituting the following for subparagraph (iv):
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“(iv) from a qualifying lease or qualifying leases made in the period beginning on 1 January 2004, and ending on 31 December 2005, and from a qualifying lease made before 1 January 2004, the specified amount shall not exceed—
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(I) €10,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and
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(II) €7,500, in any other case;
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(v) from a qualifying lease or qualifying leases made on or after 1 January 2006, and from a qualifying lease made at any other time, the specified amount shall not exceed—
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(I) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and
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(II) €12,000, in any other case.”,
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and
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(c) by inserting the following after subsection (6):
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“(7) Notwithstanding any other provisions of the Tax Acts, for the purposes of determining the amount of any relief to be granted under this section, any payment received by the lessor, relating to the leasing of farm land under a qualifying lease, which is in consequence of the receipt or the expected receipt by the lessee of a payment relating to that farm land under the EU Single Payment Scheme operated by the Department of Agriculture and Food under Council Regulation (EC) No. 1782/2003 of 29 September 2003 1
, will be treated as rent from farm land.”.
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(2) Subsection (1)(c) applies and has effect as on and from 1 January 2005.
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1OJ No. L270 of 21.10.2003, p.1 |
