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Amendment of section 598 of Principal Act (disposals of business or farm on “retirement”)
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50. (1) Section 598 of the Principal Act is amended in subsection (1) —
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(a) in paragraph (a), in the definition of “qualifying assets”, by substituting the following for paragraph (v):
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“(v) land which has been let by the individual at any time in the period of 25 years ending with the disposal where—
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(I) immediately before the time the land was first let in that period of 25 years, the land was owned by the individual and used for the purposes of farming carried on by the individual for a period of not less than 10 years ending at that time, and
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(II) the disposal is—
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(A) to a child (within the meaning of section 599) of the individual,
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(B) to an individual, other than a child referred to in clause (A), where that disposal occurs on or before 31 December 2016, or
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(C) to an individual, other than a child referred to in clause (A), provided the land was let to a person for the purposes of farming during the period of 25 years referred to in subparagraph (I) and each letting of the land was for a period of not less than 5 consecutive years;”,
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and
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(b) by inserting the following after paragraph (d):
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“(e) For the purposes of paragraph (v)(II)(C) in the definition of ‘qualifying assets’, land let under one or more than one conacre agreement before 31 December 2016 shall not affect entitlement to relief under this section, where a letting of the land for a period of not less than 5 consecutive years commences on or before 31 December 2016.”.
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(2) This section applies to disposals made on or after 1 January 2015.
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