Finance Act 1982

97 Scottish agricultural leases

(1) Subject to subsections (2) and (3) below, where any part of the value of a person's estate immediately before his death is attributable to the value of the interest of a tenant of agricultural property in Scotland, being an interest held by virtue of tacit relocation; and

(a) either he had been tenant of the said property continuously for a period of at least two years immediately preceding his death or he had become tenant of the said property by succession ; and

(b) the said interest is acquired on his death by a new tenant,

the value of the said interest shall be left out of account in determining the value transferred on the death.

(2) The value to be left out of account under subsection (1) above shall not include the value of any rights to compensation in respect of tenant's improvements.

(3) Subsections (1) and (2) above apply to deaths on or after 15th November 1976.

(4) The [1981 c. 35.] Finance Act 1981 shall be amended as follows—

(a) in section 98 at the beginning there shall be inserted " (1) " , and at the end there shall be inserted the following new subsection—

“(2) This section applies to deaths on or after 15th November 1976.”;

(b) section 99 and Schedule 15 shall cease to have effect.