Finance Act, 1997

Amendment of section 19 (value of agricultural property) of Principal Act.

134.—(1) Section 19 of the Principal Act is hereby amended—

(a) by the substitution of the following definition for the definition of “agricultural value” in subsection (1) (inserted by the Finance Act, 1996 ):

“‘agricultural value’ means the market value of agricultural property reduced by 90 per cent. of that value;”,

(b) in paragraph (II) of the proviso (inserted by the Finance Act, 1996 ) to paragraph (a) (inserted by the Finance Act, 1994 ) of subsection (5), by the insertion of “or section 134 of the Finance Act, 1997,” after “ Finance Act, 1996 ,”.

(2) This section shall have effect in relation to gifts or inheritances taken on or after the 23rd day of January, 1997.