(1) Section 19 of the Principal Act is amended -

(a) by the substitution of the following definition for the definition of "farmer" in subsection (1):

"'farmer', in relation to a donee or successor, means an individual who is domiciled in the State and in respect of whom not less than 80 per cent of the market value of the property to which the individual is beneficially entitled in possession is represented by the market value of property

in the State which consists of agricultural property, and, for the purposes of this definition -

(a) no deduction shall be made from the market value of property for any debts or encumbrances, and

(b) an individual shall be deemed to be beneficially entitled in possession to -

(i) an interest in expectancy, notwithstanding the definition of 'entitled in possession' in section 2, and

(ii) property which is subject to a discretionary trust under or in consequence of a disposition made by the individual where the individual is an object of the trust.",

(b) in subsection (5), by the substitution of the following paragraph for paragraph (a):

"(a) The agricultural value shall cease to be applicable to agricultural property, other than crops, trees or underwood, if and to the extent that such property, or any agricultural property which directly or indirectly replaces such property -

(i) is sold or compulsorily acquired within the period of 6 years after the date of the gift or the date of the inheritance; and