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Marginal relief.
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31.—(1) Where, for any year of assessment, resource tax is chargeable upon farm land occupied by a person, the amount of resource tax so chargeable shall not exceed the amount determined by the formula—
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where—
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T is the amount of resource tax that would, but for the provisions of this section, be payable by the person for that year of assessment, and
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V is 1 or, if greater, the number equivalent to the amount by which the rateable valuation of the farm land occupied by the person for the year of assessment exceeds £69.
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(2) This section shall not apply in any case where the rateable valuation of the farm land occupied by a person at any time during the year of assessment exceeds £79.
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