{
  "url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/schedule-4/paragraph-3",
  "json_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/schedule-4/paragraph-3.json",
  "legislation": "ukpga/1979/14",
  "legislation_title": "Capital Gains Tax Act 1979 (repealed 6.3.1992)",
  "legislation_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992",
  "path": "schedule/4/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) This paragraph applies where—\n(a) there is, by virtue of section 54(1) or 55(1) of this Act (settled property), 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, and\n(b) apart from this paragraph, the disposal would not fall within paragraph 2(1)(a) above by reason only that the agricultural property is not used for the purposes of a trade as mentioned in paragraph 2(2)(a) above.\n(2) Where this paragraph applies, paragraph 2(1) above 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—\n(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\n(b) would be so made if there were a chargeable transfer on that occasion . . . , or\n(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).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words repealed by Finance Act 1989 (c. 26, SIF 63:2), ss. 124, 187, Schs. 14 para. 3(4) and 17 Part VII in relation to disposals on or after 14 March 1989 (except where relief given under Finance Act 1980 (c. 48, SIF 63:1), s. 79 in respect of a disposal before that date)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words repealed by Finance Act 1982 (c. 39, SIF 63:2), s. 157 and Sch. 22 Part VI in relation to disposals after 5 April 1982"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words substituted by Inheritance Tax Act 1984 (c. 51), s. 276 and Sch. 8 para. 12"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words substituted by Finance Act 1989 (c. 26, SIF 63:2), s. 124 and Sch. 14 paras. (4)(a), (4)(b) in relation to disposals on or after 14 March 1989 (except where relief given under Finance Act 1980 (c. 48, SIF 63:1), s. 79 in respect of a disposal before that date)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words inserted by Inheritance Tax Act 1984 (c. 51), s. 276 and Sch. 8 para. 12 and repealed by Finance Act 1989 (c. 26, SIF 63:2), ss. 124, 187, Schs. 14 para. 3(4) and 17 Part VII in relation to disposals on or after 14 March 1989 (except where relief given under Finance Act 1980 (c. 48, SIF 63:1), s. 79 in respect of a disposal before that date)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words repealed by Finance Act 1981 (c. 35, SIF 63:2), s. 139 and Sch. 19 Pt. VIII"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "“, or” inserted by Finance Act 1989 (c. 26, SIF 63:2), s. 124 and Sch. 14 paras. (4)(a), (4)(b) in relation to disposals on or after 14 March 1989 (except where relief given under Finance Act 1980 (c. 48, SIF 63:1), s. 79 in respect of a disposal before that date)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Sch. 4 para. 3(2)(c) inserted by Finance Act 1989 (c. 26, SIF 63:2), s. 124 and Sch. 14 paras. (4)(a), (4)(b) in relation to disposals on or after 14 March 1989 (except where relief given under Finance Act 1980 (c. 48, SIF 63:1), s. 79 in respect of a disposal before that date)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1979/14/schedule/4/paragraph/3",
    "retrieved_at": "2026-10-29T10:18:25.768570+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}