Finance Act, 1991
Application of section 10 (exemption of certain income from leasing of farm land) of Finance Act, 1985. |
10.—(1) In this section, “qualifying lease”, “qualifying lessor” and “the specified amount” have the meanings respectively assigned to them by section 10 (1) of the Finance Act, 1985 . | |
(2) As respects a qualifying lease or qualifying leases made on or after the 30th day of January, 1991, the said section 10 (1) shall have effect as if references therein to £2,000 were references to— | ||
(a) where the qualifying lease or qualifying leases is or are for a definite term of seven years or more, £4,000, and | ||
(b) in every other case, £3,000: | ||
Provided that, where the income of a qualifying lessor consists of, or includes, rent or rents from a qualifying lease or qualifying leases made before the 30th day of January, 1991, and from a qualifying lease or qualifying leases made on or after that date, the specified amount shall not exceed £4,000 or, as may be appropriate, £3,000. |