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Amendment of section 664 (relief for certain income from leasing of farm land) of Principal Act.
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14.—(1) Section 664 of the Principal Act is amended—
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(a) in subsection (1)(a)—
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(i) in paragraph (i) of the definition of “qualifying lessor” by substituting “40 years” for “55 years”,
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(ii) in the definition of “the specified amount” by substituting—
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(I) in paragraph (ii)(IV)(B) “in any other case,” for “in any other case, or”, and
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(II) the following for paragraph (ii)(V):
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“(V) in the period beginning on 23 January 1996, and ending on 31 December 2003—
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(A) €7,618.43, 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) €5,078.95, in any other case,
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or
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(VI) on or after 1 January 2004—
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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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and
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(b) in subsection (1)(b) by substituting the following for subparagraph (iii):
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“(iii) from a qualifying lease or qualifying leases made in the period beginning on 23 January 1996, and ending on 31 December 2003, and from a qualifying lease made before 23 January 1996, the specified amount shall not exceed—
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(I) €7,618.43, 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) €5,078.95, in any other case;
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(iv) from a qualifying lease or qualifying leases made on or after 1 January 2004, and from a qualifying lease made at any other time, 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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(2) Subsection (1) shall apply and have effect as on and from 1 January 2004.
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