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Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land)
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15. (1) Section 664 of the Principal Act is amended—
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(a) in subsections (1) and (7), by substituting “EU Basic Payment Scheme” for “EU Single Payment Scheme”, and
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(b) in subsection (8), by substituting the following for paragraphs (a) and (b):
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“(a) a qualifying lessee of the lease (in this paragraph referred to as the ‘first mentioned lease’), or a person connected with that qualifying lessee of the first mentioned lease, is a qualifying lessor of another qualifying lease (in this paragraph referred to as the ‘second mentioned lease’) where the qualifying lessor of the first mentioned lease is a qualifying lessee of the second mentioned lease,
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(b) a qualifying lessee of the lease (in this paragraph referred to as the ‘first mentioned lease’) is a qualifying lessor of another qualifying lease (in this paragraph referred to as the ‘second mentioned lease’) where that qualifying lessor of the first mentioned lease, or a person connected with that qualifying lessor, is a qualifying lessee of the second mentioned lease, or”.
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(2) Subsection (1)(b) shall come into operation on 2 November 2017.
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