(1) Schedule 1 to the Principal Act is amended -

(a) in paragraph (5) under the Heading "CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance" -

(i) by inserting "of property that is land" after "inter vivos",

(ii) by substituting the following for subparagraph (a):

"(a) the instrument is executed -

(i) on or after 1 January 2015 and before 1 January 2016, or

(ii) on or after 1 January 2016 and before 1 January 2018 and the individual by whom the property is being conveyed or transferred has not, at the date of the conveyance or transfer, attained the age of 67 years,

(aa) the individual to whom the property is being conveyed or transferred is an individual -

(i) who, from the date of conveyance or transfer and for a period of not less than 6 years thereafter -

(I) farms the land, or

(II) leases it for a period of not less than 6 years to an individual who farms the land,

and

(ii) who, in a case where subclause (I) applies -