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Agriculture Act 1986

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This is the original version (as it was originally enacted).

5(1)The amount of the payment to which a tenant is entitled under paragraph 2 above on the termination of the lease shall be determined in accordance with this paragraph.

(2)The amount of the payment in respect of allocated quota shall be equal to the value of—

(a)where the allocated quota exceeds the standard quota for the tenancy—

(i)the tenant's fraction of so much of the allocated quota as does not exceed the standard quota; together with

(ii)the amount of the excess;

(b)where the allocated quota is equal to the standard quota, the tenant's fraction of the allocated quota;

(c)where the allocated quota is less than the standard quota, such proportion of the tenant's fraction of the allocated quota as the allocated quota bears to the standard quota.

(3)The amount of the payment in respect of transferred quota shall be equal to the value of—

(a)where the tenant bore the whole of the cost of the transaction by virtue of which the transferred quota was transferred to him, the transferred quota; and

(b)where the tenant bore only part of that cost, the corresponding part of the transferred quota.

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