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Amendment of section 664 (relief for certain income from leasing of farm land) of Principal Act.
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16.— (1) Section 664 of the Principal Act is amended—
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(a) in subsection (1)(a) in the definition of “the specified amount”—
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(i) in paragraph (ii)(VI)(B) of that definition by deleting “or” where it last occurs,
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(ii) by substituting the following for paragraph (ii)(VII) of that definition:
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“(VII) in the period beginning on 1 January 2006 and ending on 31 December 2006—
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(A) €15,000, 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) €12,000, in any other case,
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or
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(VIII) on or after 1 January 2007—
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(A) €20,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 10 years or more,
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(B) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, other than a case to which clause (A) applies, and
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(C) €12,000, in any other case,”,
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and
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(iii) in paragraph (iii) of that definition by substituting “subparagraph (I), (II), (III), (IV), (V), (VI), (VII) or (VIII), as may be appropriate, of paragraph (ii) of this definition” for “clause (I), (II), (III), (IV) or (V), as may be appropriate, of subparagraph (ii)”,
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and
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(b) in subsection (1)(b) by substituting the following for subparagraph (v):
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“(v) from a qualifying lease or qualifying leases made in the period beginning on 1 January 2006 and ending on 31 December 2006, and from a qualifying lease made before 1 January 2006, the specified amount shall not exceed—
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(I) €15,000, 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) €12,000, in any other case;
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(vi) from a qualifying lease or qualifying leases made on or after 1 January 2007, and from a qualifying lease made at any other time, the specified amount shall not exceed—
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(I) €20,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 10 years or more,
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(II) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, other than a case to which clause (I) applies, and
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(III) €12,000, in any other case.”.
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(2) (a) Subject to paragraph (b), subsection (1) applies as follows:
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(i) as respects subparagraphs (i) and (ii) of paragraph (a) and paragraph (b), as on and from 1 January 2007; and
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(ii) as respects paragraph (a)(iii), as on and from 1 February 2007.
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(b) Subsection (1) comes into operation on the making of an order to that effect by the Minister for Finance.
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