Finance Act, 1995
|
Amendment of section 134 (exclusion of value of excepted assets) of Finance Act, 1994. |
162.—(1) Section 134 of the Finance Act, 1994 , is hereby amended— | |
(a) by the addition of the following proviso to subsection (1): | ||
“Provided that so much of the last-mentioned value as is attributable to agricultural property in the beneficial ownership of a company shall not fall to be left out of account unless it would fall to be left out of account by virtue of paragraph (b) or (c) of this subsection.”, | ||
and | ||
(b) by the substitution of the following proviso for the proviso to subsection (2): | ||
“Provided that— | ||
(a) the use of an asset for the purposes of a business to which section 127 (4) relates, and | ||
(b) where the business concerned is not carried on by a company, the use of an asset for the purposes of farming (within the meaning of section 13 of the Finance Act, 1974 ), | ||
shall not be treated as use for the purposes of the business concerned.”. | ||
(2) This section shall have effect in relation to gifts or inheritances taken on or after the 12th day of April, 1995. |