Part VI

Miscellaneous and General

Miscellaneous

Inheritance tax: agricultural property.
155
1
In section 116 of the Inheritance Tax Act 1984 (relief for transfers of agricultural property) in subsection (2) (rate of relief) the word “either” shall be omitted and at the end of paragraph (b) there shall be inserted
or
c
the interest of the transferor in the property immediately before the transfer does not carry either of the rights mentioned in paragraph (a) above because the property is let on a tenancy beginning on or after 1st September 1995;
.
2
After subsection (2) of that section there shall be inserted the following subsection—
2A
In the application of this section as respects property in Scotland, the reference in subsection (2)(c) above to a tenancy beginning on or after 1st September 1995 includes a reference to its being acquired on or after that date by right of succession (the date of acquisition being taken to be the date on which the successor gives relevant notice under section 12 of the
Agricultural Holdings (Scotland) Act 1991).
3
Subsections (1) and (2) above shall apply in relation to transfers of value made, and other events occurring, on or after 1st September 1995.
S. 155(2) repealed (29.4.1996 with effect as mentioned in s. 185(3)(6) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI
1991 c. 55.