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Finance Act 1975

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This is the original version (as it was originally enacted).

5(1)Relief under this Part of this Schedule shall be given only to the extent that either—

(a)the part eligible for relief, when added to the part eligible for relief under any previous chargeable transfer made by the same transferor, does not exceed £250,000 ; or

(b)the area of the agricultural property by reference to which the relief is given, together with that of any agricultural property by reference to which relief was given under previous chargeable transfers made by the same transferor, does not exceed one thousand acres.

(2)For the purposes of sub-paragraph (1)(b) above—

(a)where the transferor and some other person were together beneficially entitled to the agricultural property by reference to which the relief is given, the area of the property shall be taken to be such part thereof as corresponds to the transferor's share ; and

(6)where the agricultural property by reference to which the relief is given forms part of the assets of a company, the area of the property shall be taken to be such part thereof as corresponds to the proportion which the value of the shares and debentures first mentioned in paragraph 4 above bears to the value of all the shares in and debentures of the company.

(3)For the purposes of this paragraph chargeable transfers made by the same person on the same day shall be treated as one ; and where the relief that could otherwise be given in respect of a chargeable transfer exceeds the limit imposed by this paragraph the excess shall be attributed to the agricultural properties concerned in proportion to their respective agricultural values or areas.

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