1057. Nature of agricultural property relief.

Where the whole or part of the value transferred by a transfer of value1 is attributable to the agricultural value of agricultural property2, the whole or part of the value transferred is treated as reduced by the appropriate percentage3. The appropriate percentage is 100 per cent if4:

  1.  

    (1)     the interest of the transferor in the property immediately before the transfer carries the right to vacant possession or the right to obtain it within the next 12 months