96Relief for agricultural property
(1)Schedule 14 to this Act shall have effect for reducing, in the cases there mentioned—
(a)the value transferred by a transfer of value ; and
(b)the amount of a distribution payment or capital distribution.
(2)In sub-paragraph (1)(a) of paragraph 16 of Schedule 4 to the Finance Act 1975 (property in respect of which tax may be paid by interest-free instalments) after the words " to the value of any shares, securities, business or interest in a business " there shall be inserted the words " or to value 'treated as reduced under Schedule 14 to the Finance Act 1981 "; and in sub-paragraph (2) of that paragraph after the word " below " there shall be inserted the words " (not being tax attributable to value treated as reduced under the said Schedule 14) ".
(3)Part I of Schedule 8 to the [1975 c. 7.] Finance Act 1975 (which is superseded by Schedule 14 to this Act) shall cease to have effect; and—
(a)in paragraph 1 of Schedule 9 to that Act (relief for woodlands) for the words " Schedule 8 to this Act" there shall be substituted the words " Schedule 14 to the Finance Act 1981 ";
(b)in section 86(6) of the [1976 c. 40.] Finance Act 1976 (mutual transfers) for the words " and that Schedule " there shall be substituted the words " or Schedule 14 to the Finance Act 1981 and those Schedules ";
(c)in section 87(5A) of the Finance Act 1976 after the words " Finance Act 1975 " there shall be inserted the words " or Schedule 14 to the Finance Act 1981 ";
(d)in paragraph 10 of Schedule 10 to the Finance Act 1976 (business relief) for the words " Schedule 8 to the Finance Act 1975 " and "paragraph 1(2A) thereof" there shall be substituted respectively the words " Schedule 14 to the Finance Act 1981 " and "paragraph 8(3) thereof " ; and
(e)in paragraphs 1 and 3 of Schedule 4 to the [1979 c. 14.] Capital Gains Tax Act 1979 (relief for business assets) for the words " Schedule 8 to the Finance Act 1975 " wherever they occur there shall be substituted the words " Schedule 14 to the Finance Act 1981 " and after the word " reduction " there shall be inserted the words " at the rate of 50 per cent. ".
(4)This section has effect in relation to transfers of value, distribution payments and capital distributions made on or after 10th March 1981, and subsection (3)(e) has effect in relation to disposals on or after that date.