Part 3 of Schedule 1 to the Principal Act is amended -

(a) in paragraph 1 -

(i) by the substitution of the following definition for the definition of "family successor":

" 'family successor' means a person appointed under section 14A, 14F, 14G, 14H, 14K or 14L;",

(ii) in the definition of "farm", by inserting ", and a reference to a farm includes a reference to part of a farm" after "all residential property",

(iii) by the substitution of the following definition for the definition of "relevant business":

" 'relevant business' means -

(a) the business or an interest in a business carried on by a sole trader or by a partnership, including any land, building, machinery or plant used wholly or mainly for the purpose of the business, or

(b) where a business is carried on by a company, the unquoted shares in or securities of the company,

and a reference to a relevant business includes a reference to part of a relevant business;",

(iv) by the insertion of the following definitions:

" 'proceeds of sale' has the meaning assigned to it by paragraph 10D(d);

'proceeds of sale deductible amount' means, subject to paragraphs 10A to 10D -

(a) in the case where, following the sale of the person's interest in a principal residence -