SCHEDULES
SCHEDULE 4 Relief for Gifts of Business Assets
Part I Agricultural Property and Settled Property
Agricultural property
C11
1
This paragraph applies where—
a
there is a disposal of an asset which is, or is an interest in, agricultural property within the meaning of F2Chapter II of Part V of the Capital Transfer Tax Act 1984 (capital transfer tax relief for agricultural property), and
2
Where this paragraph applies, section 126(1) of this Act shall apply in relation to the disposal if the circumstances are such that a reduction F4at the rate of 50 per cent. in respect of the asset—
a
is made under F2Chapter II of Part V of the Capital Transfer Tax Act 1984 in relation to a chargeable transfer taking place on the occasion of the disposal, or
F7c
would be so made but for section 124A of that Act (assuming, where there is no chargeable transfer on that occasion, that there were).