Paragraph 8 Heritable property

(1)

Where a member owns or has any other right or interest in heritable property–

(a)

the market value of which, at the relevant date, is greater than £25,000; or

(b)

the income from which for the period of twelve months prior to the relevant date is greater than £4,000.

(2)

Sub-paragraph (1) does not apply to heritable property used as a residential home by the member or his spouse or cohabitee.

(3)

Where a member owns or has any other right or interest in heritable property at the date on which he was returned as a member, the relevant date is–

(a)

that date; and

(b)

the 5th April immediately following that date and in each succeeding year, where he remains the owner of or retains that right or interest in heritable property on that 5th April.

(4)

Where a member becomes the owner of or acquires any other right or interest in heritable property after the date on which he was returned as a member, the relevant date is–

(a)

the date on which he became the owner of or acquired the right or interest; and

(b)

the 5th April immediately following that date and in each succeeding year, where he remains the owner of or retains that right or interest in heritable property on that 5th April.

(5)

For the purposes of this paragraph, “heritable property” means land or any right or interest in or over land.