# Capital Gains Tax Act 1979 (repealed 6.3.1992), Paragraph 1

Extent: E+W+S+N.I.

(1) This paragraph applies where—
(a) there is a disposal of an asset which is, or is an interest in, agricultural property within the meaning of Chapter II of Part V of the Capital Transfer Tax Act 1984 (capital transfer tax relief for agricultural property), and
(b) apart from this paragraph, the disposal would not fall within section 126(1) of this Act by reason only that the agricultural property is not used for the purposes of a trade carried on as mentioned in section 126(1A)(a).
(2) Where this paragraph applies, section 126(1) of this Act shall apply in relation to the disposal if the circumstances are such that a reduction at the rate of 50 per cent. in respect of the asset—
(a) is made under Chapter II of Part V of the Capital Transfer Tax Act 1984 in relation to a chargeable transfer taking place on the occasion of the disposal, or
(b) would be so made if there were a chargeable transfer on that . . . , or
(c) would be so made but for section 124A of that Act (assuming, where there is no chargeable transfer on that occasion, that there were).

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Source: https://www.legislation.gov.uk/ukpga/1979/14/schedule/4/paragraph/1 (the official version)
Page: https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/schedule-4/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.