(1) Section 81AA of the Principal Act is amended by substituting the following for subsection (8):

"(8) This section applies to any instrument which operates as a conveyance or transfer (whether on sale or as a voluntary disposition inter vivos) of an interest in land to a young trained farmer where -

(a) it is the intention of the young trained farmer, for a period of 5 years from the date of execution of the instrument to -

(i) spend not less than 50 per cent of his or her normal working time farming the land, and

(ii) retain ownership of the land,

(b) the young trained farmer submits a business plan to Teagasc before the execution of the instrument concerned, and

(c) the young trained farmer comes within the meaning of ‘micro, small and medium-sized enterprises’ in Annex 1 of Commission Regulation (EU) No. 702/2014 of 25 June 2014 [OJ No. L 193, 1.7.2014, p.1].".

(2) Section 851A(8) of the Taxes Consolidation Act 1997 is amended -

(a) in paragraph (k), by substituting "purpose," for "purpose, and",

(b) in paragraph (l), by substituting "Marine," for "Marine.", and

(c) by inserting the following after paragraph (l):