Finance Act 2017

Amendment of section 598 of Principal Act (disposals of business or farm on “retirement”)

34. (1) Section 598 of the Principal Act is amended by inserting the following after subsection (2):

“(2A) (a) In this subsection ‘solar panel’ means ground-mounted equipment used to capture solar energy and convert it into electrical energy, together with ancillary equipment used to harness, store and transfer the electrical energy.

(b) Notwithstanding that solar panels are installed on land which is suitable for farming purposes, the land shall be treated as a qualifying asset for the purposes of subsection (2) where the area of the land on which the solar panels are installed does not exceed half the total area of the land concerned.”.

(2) Subsection (1) applies to disposals made on or after 1 January 2018.