(1) In this section—
'farming' and 'trade' have the same meanings as in the Income Tax Acts;
'farming partnership' means a partnership comprised of individuals which carries on or has carried on the trade of farming;
'relevant asset' means an asset which is jointly owned by the partners in a farming partnership;
'relevant disposal' means a disposal which arises on the occasion of the partition of a relevant asset.
(2) This section applies where a relevant asset has been owned and used for the purposes of farming by the farming partnership for a period of not less than 10 years ending with the relevant disposal.
(3) Notwithstanding subsection (2), where one of the partners acquired his or her share of a relevant asset by way of inheritance, the period of ownership and use of that asset shall be deemed to have commenced on the date on which the person entered into partnership with the other partner or partners in the farming partnership.
(4) Where a relevant disposal arises in respect
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