ihta84/s115.- Preliminary.

CHAPTER II AGRICULTURAL PROPERTY ¹

[1981 Sch.14 para.1(1); 1982 Sch.17 para.34.]

115. - (1) In this Chapter references to a transfer of value include references to an occasion on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79) and -

(a) references to the value transferred by a transfer of value include references to the amount on which tax is then chargeable, and

(b) references to the transferor include references to the trustees of the settlement concerned.

[1981 Sch.14 para.1(2).]

(2) In this Chapter "agricultural property" means agricultural land or pasture and includes woodland and any building used in connection with the intensive rearing of livestock or fish if the woodland or building is occupied with agricultural land or pasture and the occupation is ancillary to that of the agricultural land or pasture; and also includes such cottages, farm buildings and farmhouses, together with the land occupied with them, as are of a character appropriate to the property.

[1981 Sch.14 para.1(3).]

(3) For the purposes of this Chapter the agricultural value of any agricultural property shall be taken to be the value which would be the value of the property if the property were subject to a perpetual covenant prohibiting its use otherwise than as agricultural property.

[1984 s.107(1).]

(4) For the purposes of this Chapter the breeding and rearing of horses on a stud farm and the grazing of horses in connection with those activities shall be taken to be agricultural and any buildings used in connection with those activities to be farm buildings.

[1981 Sch.14 para.1(4).]

(5) This Chapter applies to agricultural property only if it is in the United Kingdom, the Channel Islands or the Isle of Man.

1 See Part II of this volume - FA 1975 Sch.8 - for the transitional provisions under 1981 s.96 and Sch.14.