Finance Act, 1976

Farm land occupied by certain persons.

19.—(1) Section 15 (3) of the Finance Act, 1974 , shall not have effect for a year of assessment in the case of an individual or his wife if the individual or his wife at any time in that year of assessment occupies, either solely or in partnership with any other person or persons, farm land being farm land of which neither he nor his wife is the beneficial owner but which—

(a) is owned (whether beneficially or otherwise) by a person connected with him, or

(b) is land in respect of which—

(i) no payment by way of rent or otherwise is made by him or by his wife for the occupation thereof, or

(ii) a payment is made by him or by his wife which, having regard to values prevailing at the time, is less than the payment which could have been obtained in respect of that land on the basis that the negotiations for the payment had been at arm's length:

Provided that this section shall not apply in any case where the farm land is owned by an individual or his wife, if the individual or his wife is an individual to whom section 15 (3) of the Finance Act, 1974 , applies for the said year of assessment.

(2) For the purposes of this section a person shall be regarded as connected with an individual if he would be so regarded for the purposes of section 16 of the Finance (Miscellaneous Provisions) Act, 1968 .