667B. New arrangements for qualifying farmers.

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

(a)

(i) who in the year of assessment 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, Food and the Marine 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

(ii) who -

(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 of assessment 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 clause (I), and

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

(b) who, where the requirements of subparagraph (i) or (ii) of paragraph (a) are first satisfied in the year of assess

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