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35.(1) Subject to the provisions of this Article, the amount of any farm loss payment shall be equal to the average annual profit derived from the use for agricultural purposes of the agricultural land comprised in the land acquired; and that profit shall be computed by reference to the profits for the three years ending with the date of displacement or, if the person concerned has then been in occupation for a shorter period, that period. (2) Where accounts have been made up in respect of the profits of the person concerned for a period or consecutive periods of twelve months and that period or the last of them ends not more than one year before the date of displacement, paragraph (1) shall have effect as if the date on which that period or the last of those periods ends were the date of the displacement. (3) Where the date of displacement is determined in accordance with Article 34(3)(c) and the person concerned has on that date been in occupation for more than three years, he may elect that the average annual profit shall, instead of being computed by reference to the profits for the years mentioned in paragraph (1), be computed by reference to the profits for (a)any three consecutive periods of twelve months for which accounts in respect of his profits have been made up, being periods for which he has been in occupation and the last of which ends on or after the date of completion of the acquisition; or (b)if there are no such periods as aforesaid, any three consecutive years for which he has been in occupation and the last of which ends on or after the date mentioned in sub-paragraph (a). (4) In calculating the profits mentioned in paragraph (1) there shall be deducted a sum equal to the rent that might reasonably be expected to be payable in respect of the agricultural land comprised in the land acquired if it were let for agricultural purposes to a tenant responsible for rates, repairs and other outgoings; and that deduction shall be made whether or not the land is in fact let and, if it is, shall be made to the exclusion of any deduction for the rent actually payable. (5) In calculating the profits mentioned in paragraph (1) there shall be left out of account profits from any activity if a sum in respect of loss of profits from that activity would fall to be included in the compensation, so far as attributable to disturbance, for the acquisition of the interest in the land acquired. (6) Where the value of the agricultural land comprised in the land acquired exceeds the value of the agricultural land comprised in the new unit the amount of the farm loss payment shall be proportionately reduced. (7) For the purposes of paragraph (6) the value of any land shall be assessed (a)on the basis of its value as land used solely for agriculture and as for a freehold interest therein with vacant possession; (b)by reference to the condition of the land and its surroundings and to prices current (i)in the case of the land comprised in the land acquired, on the date of displacement; (ii)in the case of land comprised in the new unit, on the date on which the person concerned begins to farm the new unit; (c)in accordance with rules (2) to (4) in section 2 of the Acquisition of Land (Assessment of Compensation) Act 1919; (d)without regard to the principal dwelling (if any) comprised in the same agricultural unit as that land. (8) The amount of a farm loss payment shall not be greater than the amount (if any) by which (a)that payment, calculated apart from this paragraph, together with compensation for the acquisition of the interest in the land acquired assessed on the assumptions mentioned in Article 8(2), (3) and (4) (including any sum included as compensation for disturbance), exceeds (b)the compensation actually payable for the acquisition of that interest. (9) Any dispute as to the amount of a farm loss payment shall be referred to and determined by the Lands Tribunal.
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