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

(a) by the substitution of the following definition for the definition of "agricultural property":

"'agricultural property' means agricultural land, pasture and woodland situate in the State and crops, trees and underwood growing on such land and also includes such farm buildings, farm houses and mansion houses (together with the lands occupied therewith) as are of a character appropriate to the property, and farm machinery, livestock and bloodstock thereon;",

(b) by the substitution of the following definition for the definition of "agricultural value":

"'agricultural value' means -

(a) in the case of farm machinery, livestock and bloodstock, 75 per cent. of the market value of such property,

(b) in the case of a gift of agricultural property, other than farm machinery, livestock and bloodstock, 70 per cent. of the market value of the agricultural property comprised in the gift reduced by 50 per cent. of that market value or by a sum of £150,000, whichever is the lesser, and

(c) in the case of an inheritance of agricultural property, other than farm machinery, livestock and bloodstock, 70 per cent. of the market value of the agricultural property comprised in the inheritance reduced by 35 per cent. of that market value or by a sum of £105,000, whichever is the lesser;",

(c) by the substitution of the following subsection for subsection (4):