Guidance on the income tax exemption for certain income arising from leasing of farm land is updated to include the changes introduced by Finance Act 2014. With effect from 1 January 2015 the age restriction or the requirement to be permanently incapacitated are removed.
The conditions for the relief, how the relief operates and the changes effective from 1 January 2015 are detailed in the guidance. The guidance also states that a company may be an eligible lessee provided it is not connected with or controlled by the qualifying lessor(s).