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

(a) by the substitution of the following definition for the definition of "agricultural value" in subsection (1) (inserted by the Finance Act, 1994):

"‘agricultural value’ means the market value of agricultural property reduced by 75 per cent. of that value:

Provided that the agricultural value of agricultural property, other than farm machinery, livestock and bloodstock, comprised in a gift shall not be greater than it would have been if section 122 of the Finance Act, 1996, had not been enacted;",

(b) by the deletion of subsection (4) (inserted by the Finance Act, 1994), and

(c) in paragraph (a) (inserted by the Finance Act, 1994) of subsection (5) -

(i) by the substitution of "ten years" for "six years" in subparagraph (i),

(ii) by the substitution of the following proviso for the proviso to that paragraph:

"Provided that -

(I) this paragraph shall not have effect where the donee or successor dies before the property is sold or compulsorily acquired;