Related Commentary  Related CasesRelated HMRC Manuals

116(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.

116(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

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