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SCHEDULERegistrable financial interests

Heritable property

8(1)Where a member owns or holds, or has owned or held, any heritable property and sub-paragraph (2) applies.

(2)This sub-paragraph applies where either—

(a)the market value of the heritable property, at the relevant date, exceeds 50 per cent of a member’s salary on that date (rounded down to the nearest £10); or

(b)the gross income from the heritable property for the period of twelve months prior to the relevant date is greater than such amount as the Parliament may determine.

(3)Sub-paragraph (1) applies to heritable property which a member owns or holds, or has owned or held—

(a)solely in his or her own name;

(b)jointly with any other person or body; or

(c)as a trustee, whether or not jointly with other trustees, where the member has an interest as a beneficiary of the trust.

(4)Sub-paragraph (1) does not apply to heritable property—

(a)which is used as a residential home by the member or the member’s spouse, civil partner or cohabitant;

(b)which was used as a residential home by the member or the member’s spouse, civil partner or cohabitant but which, for a period of not more than 12 months, is or was unoccupied and for sale; or

(c)which forms part of the assets of a partnership and any income from that partnership is, or forms part of, the remuneration registered under paragraph 2 of this schedule.

(5)Where a member has ceased to own or hold any heritable property before the date on which the member was returned as a member, the relevant date is the date when the heritable property ceased to be so owned or held.

(6)Where a member owned or held any heritable property at the date on which the member 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 the heritable property continues to be so owned or held on that 5th April.

(7)Where a member becomes the owner of or acquires any heritable property after the date on which that member was returned as a member, the relevant date is—

(a)the date on which the member became the owner of or acquired that heritable property; and

(b)the 5th April immediately following that date and in each succeeding year, where the heritable property continues to be so owned or held on that 5th April.