The 1975 legislation contained provisions whereby shares in a company mainly engaged in farming could qualify for relief in the same way as agricultural property itself. The Finance Act 1975, Sch. 8, para. 4 corresponds in many respects to IHTA 1984. s. 122–123. The main differences are in the adaptation of the ‘working farmer’ and occupation requirements, in respect of transfers of shares.
Where the transfer was of shares or securities, the transferor still had to satisfy the ‘working farmer’ requirement of FA 1975, Sch. 8, para. 3. In addition, the following conditions specific to companies had to be fulfilled (para. 4):