Regulation 75 Agricultural holdingsI1

the expressions “agricultural holding” and “contract for an agricultural tenancy” shall be construed in accordance with section 1 of the Agricultural Holdings Act 1986^f1;

“relevant agricultural holding” means an agricultural holding in relation to which the landlord is not a smallholdings authority; and

“smallholdings estate” and “smallholdings authority” have the same meaning as in Part III of the Agriculture Act 1970 (smallholdings in England and Wales)^f2.

on 17th October 1994 the land was held by the authority, as a smallholdings authority, as part of their smallholdings estate, or constituted a relevant agricultural holding;

if, at the time of the disposal, the land has ceased to be held as part of the authority’s smallholdings estate, or, as the case may be, has ceased to constitute a relevant agricultural holding, it has not, at any time since 17th October 1994, been in use other than as an agriculatural holding under a planning permission granted for a period of more than five years;

the land is not land to which section 74(1) applied immediately before the disposal; and

if, at the time of the authority’s decision to dispose of their interest in the land, the land was subject to a contract for an agricultural tenancy, the authority have offered to dispose of their interest to the tenant under the tenancy at a price not exceeding an amount determined in accordance with the formula—

where—

• “P1” means the price which the authority would reasonably expect to be agreed for a sale of the interest on the open market subject to a surrender of the tenancy; and

• “P2” means the price which the authority would reasonably expect to be agreed for a sale of the interest on the open market subject to the tenancy.