116 The relief
Inheritance Tax Act 1984 (1984 c 51) | Legislation

116  The relief

(1)     Where the whole or part of the value transferred by a transfer of value is attributable to the agricultural value of agricultural property, the whole or that part of the value transferred shall be treated as reduced by the appropriate percentage, but subject to the following provisions of this Chapter.

(2)     The appropriate percentage is [100 per cent] if . . . —

(a)     the interest of the transferor in the property immediately before the transfer carries the right to vacant possession or the right to obtain it within the next twelve months, or

(b)     the transferor has been beneficially entitled to that interest since before 10th March 1981 and the conditions set out in subsection (3) below are satisfied; [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;]

and, subject to subsection (4) below, it is [50 per cent] in any other case.

[(2A)     . . . ]

(3)     The conditions referred to in subsection (2)(b) above are—

(a)     that if the transferor had disposed of his

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