Finance Act, 1996
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Special provision for qualifying farmers. |
135.—(1) In the case of a person other than a company who is a qualifying farmer— | |
(a) subsection (1) of section 134 shall apply and have effect as if “100 per cent.” were substituted for “25 per cent.”; | ||
(b) paragraph (a) shall apply and have effect in computing a person's trading profits for an accounting period in the case of a person who becomes a qualifying farmer— | ||
(i) on or after the 6th day of April, 1993, and before the 6th day of April, 1995, for the year of assessment 1995-96 and for each of the three immediately succeeding years of assessment, or | ||
(ii) on or after the 6th day of April, 1995, and before the 6th day of April, 1997, for the year of assessment in which the person becomes a qualifying farmer and for each of the three immediately succeeding years of assessment. | ||
(2) For the purposes of subsection (1), “qualifying farmer” means an individual who— | ||
(a) in the year 1993-94 or any subsequent year of assessment, first qualifies for grant aid under the Scheme of Installation Aid for Young Farmers operated by the Department of Agriculture, Food and Forestry under Council Regulation (EEC) No. 797/85 of 12 March 1985* , or that Regulation as may be revised from time to time, or | ||
(b) (i) first becomes chargeable to income tax under Case I of Schedule D in respect of profits or gains from the trade of farming for the said year 1993-94 or any subsequent year of assessment, and | ||
(ii) has not attained the age of 35 years at the commencement of the year of assessment referred to in subparagraph (i), and | ||
(iii) at any time in the year of assessment so referred to— | ||
(I) is the holder of a qualification set out in the Sixth Schedule to the Finance Act, 1994 , and, in the case of a qualification set out in subparagraph (c), (d), (e), (f) or (g) of paragraph 3, or in paragraph 4, of the said Schedule, is also the holder of a certificate issued by Teagasc — The Agricultural and Food Development Authority (referred to subsequently in this paragraph as “Teagasc”) certifying that such person has satisfactorily attended a course of training in farm management, the aggregate duration of which exceeded 80 hours, or | ||
(II) (A) has satisfactorily attended full-time a course at a third-level institution in any discipline for a period of not less than 2 years' duration, and | ||
(B) is the holder of a certificate issued by Teagasc certifying satisfactory attendance at a course of training in either or both agriculture and horticulture, the aggregate duration of which exceeded 180 hours, | ||
or | ||
(III) if born before the 1st day of January, 1968, that such person is the holder of a certificate issued by Teagasc certifying that such person has satisfactorily attended a course of training in either or both agriculture and horticulture, the aggregate duration of which exceeded 180 hours: | ||
Provided that where Teagasc certifies that any other qualification corresponds to a qualification which is set out in the said Sixth Schedule, that other qualification shall, for the purposes of this subsection, be treated as if it were the corresponding qualification so set out. | ||