(1) Section 598 of the Principal Act is amended in subsection (1)(a), in the definition of "qualifying assets", by substituting the following for paragraph (v):

"(v) land which has been let by the individual at any time in the period of 15 years ending with the disposal where -

(I) immediately before the time the land was first let in that period of 15 years, the land was owned by the individual and used for the purposes of farming carried on by the individual for a period of not less than 10 years ending at that time, and

(II) the disposal is -

(A) to a child (within the meaning of section 599) of the individual, or

(B) to an individual, other than a child referred to in clause (A), provided the land was let to a person for the purposes of farming during the period of 15 years referred to in

subparagraph (I) and each letting of the land was for a period of not less than 5 consecutive years;".

(2) This section applies to disposals made on or after 1 January 2014.