(1) In this section "qualifying farmer" means an individual who―

(a) in the year 2007 or any subsequent year of assessment first qualifies for grant aid under the scheme of Installation Aid for Young Farmers operated by the Department of Agriculture and Food under Council Regulation (EEC) No. 797/85 of 12 March 1985 (OJ No. L93, 30.3.1985, p. 6) or that Regulation as may be revised from time to time, or

(b)(i) first becomes chargeable to income tax under Case I of Schedule D in respect of profits or gains from the trade of farming for the year 2007 or any subsequent year of assessment,

(ii) has not attained the age of 35 years at the commencement of the year of assessment referred to in subparagraph (i), and

(iii) at any time in the year of assessment so referred to satisfies the conditions set out in subsection (2) or (3).

(2) The conditions required by this subsection are that the individual, referred to in the definition of "qualifying farmer" in subsection (1), is the holder of a qualification set out in the Table to this section (in this section referred to as the "Table").

(3) The conditions required by this subsection are that the individual, referred to in the definition of "qualifying farmer" in subsection (1), is the holder of a letter of confirmation from Teagasc confirming satisfactory completion of a course of training, approved by Teagasc, for persons who in the opinion of Teagasc are restricted in their learning capacity due to physical, sensory, or intellectual disability or to mental health.

(4) For the purposes of subsection (2) where Teagasc certifies that―

(a) any other qualification corresponds to a qualification set out in the Table, and

(b) that other qualification is deemed by the National Qualifications Authority of Ireland to be at least at a level equivalent to that of the qualification set out in the Table,

then that other qualification will be treated as if it were the qualification set out in the Table.

(5) In the case of a qualifying farmer—

(a) section 666(1) will apply as if "100 per cent" were substituted for "25 per cent", and

(b) paragraph (a) will apply in computing a person’s trading profits for an accounting period in the case of an individual who becomes a qualifying farmer at any time in the period beginning on or after 1 January 2007 and ending on or before [31 December 2010]¹, for the year of assessment in which the individual becomes a qualifying farmer and for each of the 3 immediately succeeding years of assessment.

(6) An individual who, at any time before 31 March 2008, satisfies the conditions referred to in paragraph (b)(iii) of the definition of "qualifying farmer" in section 667A(1) will be deemed to satisfy the conditions referred to in paragraph (b)(iii) of the definition of "qualifying farmer" in subsection (1).

TABLE

1. Qualifications awarded by the Further Education and Training Awards Council:

(a) Level 6 Advanced Certificate in Farming;

(b) Level 6 Advanced Certificate in Agriculture;

(c) Level 6 Advanced Certificate in Dairy Herd Management;

(d) Level 6 Advanced Certificate in Drystock Management;

(e) Level 6 Advanced Certificate in Agricultural Mechanisation;

(f) Level 6 Advanced Certificate in Farm Management;

(g) Level 6 Advanced Certificate in Machinery and Crop Management;

(h) Level 6 Advanced Certificate in Horticulture;

(i) Level 6 Advanced Certificate in Forestry;

(j) Level 6 Advanced Certificate in Stud Management;

(k) Level 6 Advanced Certificate in Horsemanship.

2. Qualifications awarded by the Higher Education and Training Awards Council:

(a) Higher Certificate in Agriculture;

(b) Bachelor of Science in Agriculture;

(c) Higher Certificate in Agricultural Science;

(d) Bachelor of Science in Agricultural Science;

(e) Bachelor of Science (Honours) in Land Management, Agriculture;

(f) Bachelor of Science (Honours) in Land Management, Horticulture;

(g) Bachelor of Science (Honours) in Land Management, Forestry;

(h) Higher Certificate in Engineering in Agricultural Mechanisation;

(i) Bachelor of Science in Rural Enterprise and Agri-Business;

(j) Bachelor of Science in Agriculture and Environmental Management;

(k) Bachelor of Science in Horticulture;

(l) Bachelor of Arts (Honours) in Horticultural Management;

(m) Bachelor of Science in Forestry;

(n) Higher Certificate in Business in Equine Studies;

(o) Bachelor of Science in Equine Studies.

3. Qualifications awarded by other third level institutions:

(a) Bachelor of Agricultural Science — Animal Crop Production awarded by University College Dublin;

[(aa) Bachelor of Agricultural Science — Agri-Environmental Science awarded by University College Dublin;]¹

(b) Bachelor of Agricultural Science — Animal Science awarded by University College Dublin;

(c) Bachelor of Agricultural Science — Food and Agribusiness Management awarded by University College Dublin;

(d) Bachelor of Agricultural Science — Forestry awarded by University College Dublin;

(e) Bachelor of Agricultural Science — Horticulture, Landscape and Sportsturf Management awarded by University College Dublin;

(f) Bachelor of Veterinary Medicine awarded by University College Dublin;

(g) Bachelor of Science in Equine Science awarded by the University of Limerick;

(h) Diploma in Equine Science awarded by the University of Limerick.