Finance Act 2007

Amendment of section 89 (provisions relating to agricultural property) of Principal Act.

117.— (1) Section 89 of the Principal Act is amended in subsection (1) by substituting the following for paragraph (a) of the definition of “farmer”:

“(a) no deduction is made from the market value of property for any debts or encumbrances (except debts or encumbrances in respect of a dwelling house which is the only or main residence of the donee or successor and which is not agricultural property), and”.

(2) This section applies to gifts and inheritances taken on or after 1 February 2007.