Finance Act, 1974

Chapter II

Taxation of Farming Profits, Provisions in Respect of Certain Farm Losses and Restriction of Personal Allowances

Definitions (Chapter II).

13.—(1) In this Chapter “farming”, “farm land” and “occupation” have the same meaning as in section 18 (1) of the Finance Act, 1969.

(2) Any reference in this Chapter to farm land occupied by an individual includes farm land deemed, by virtue of section 17, to be occupied by him.

(3) A reference in this Chapter to the rateable valuation of farm land occupied by an individual at a particular time is a reference to the aggregate of the rateable valuations of all farm land occupied by him and of all farm land deemed to be occupied by him at that time and a reference to the rateable valuation of farm land occupied by an individual for a year of assessment or part of a year of assessment is a reference to the total rateable valuation of all farm land occupied by him and of all farm land deemed to be occupied by him for that year of assessment, or part of a year of assessment calculated in accordance with the provisions of section 17 (5), (6) and (7):

Provided that, in calculating the rateable valuation of farm land for the purposes of this Chapter, the rateable valuation of any building on the land shall be excluded.