(1) Section 134 of the Finance Act, 1994, is hereby amended -
(a) by the addition of the following proviso to subsection (1):
"Provided that so much of the last-mentioned value as is attributable to agricultural property in the beneficial ownership of a company shall not fall to be left out of account unless it would fall to be left out of account by virtue of paragraph (b) or (c) of this subsection.",
(b) by the substitution of the following proviso for the proviso to subsection (2):
"Provided that -
(a) the use of an asset for the purposes of a business to which section 127(4) relates, and
(b) where the business concerned is not carried on by a company, the use of an asset for the purposes of farming (within the meaning of section 13 of the Finance Act, 1974),
shall not be treated as use for the purposes of the business concerned.".
(2) This section shall have effect in relation to gifts or inheritances taken on or after the 12th day of April, 1995.