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In section 57 of the Taxes Act (loans for purchase or improvement of land) after subsection (3) (restriction of relief on overdraft interest on money applied in improving land) insert—
‘(3A)Subsection (3) above shall not apply where the loan is applied in improving land which is—
(a)farm land or market garden land, or
(b)woodlands which are managed on a commercial basis and with a view to the realisation of profits,
and in this subsection the definitions of " farm land " and " market garden land " in section 526(5) of this Act shall apply as if references to the United Kingdom included references to the Republic of Ireland’,
and paragraph 9(8) and (9) of Schedule 4 to this Act shall have effect for the purpose of making a corresponding amendment in section 19 of the [1969 c. 32.] Finance Act 1969.
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