Finance Act 2012

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

114.— (1) Section 89 of the Principal Act is amended—

(a) by inserting the following after subsection (1):

“(1A) For the purpose of paragraph (a) of the definition of ‘farmer’ in subsection (1), a loan secured on the dwelling-house referred to in that paragraph which is not used to purchase, repair or improve that dwelling-house will not be treated as a debt or an encumbrance.”,


(b) in subsection (4) by deleting paragraph (c).

(2) This section applies to gifts and inheritances taken on or after 8 February 2012.