81D Relief for certain leases of farmland

(1) In this section ‘farming’ includes the occupation of woodlands on a commercial basis.

(2) No stamp duty shall be chargeable under or by reference to the heading ‘LEASE’ in Schedule 1 on any instrument to which this section applies.

(3) This section applies to an instrument which is a lease for a term not less than 6 years and not exceeding 35 years of any lands which are used exclusively for farming carried on by the lessee on a commercial basis and with a view to the realisation of profits.

(4) For the purposes of this section the lessee shall, from the date on which the lease is executed, be a farmer who—

(a) is the holder of or, within a period of 4 years from the date of the lease, will be the holder of, a qualification set out in Schedule 2, 2A or 2B to the Act, or

(b) spends not less than 50 per cent of that individual’s normal working time farming land (including the leased land).

(5) If, at any time during the first 6 years of the period of the lease, any of the conditions of this section cease to be satisfied, subsection (2) shall not apply and the duty that would have been chargeable but for this section shall be chargeable and the lessee, or where there is more than one lessee, each such lessee, jointly and severally, shall be liable to pay to the Commissioners the amount of the duty together with interest calculated in accordance with section 159D from the date when any of those conditions cease to be satisfied to the date when the duty is remitted.

(6) Subsection (5) shall not apply where any of the conditions of this section are not complied with due to the death of the lessee or the permanent incapacity of the lessee, by reason of mental or physical infirmity, to continue to carry on farming.