Modifications etc. (not altering text)
C1 See Part IIof this volume—Finance Act 1975 Sch. 8—for the transitional relief provisions under Finance Act 1981 s. 96and Sch. 14.
(1)Section 116 above shall not apply to agricultural property if at the time of the transfer the transferor has entered into a binding contract for its sale, except where the sale is to a company and is made wholly or mainly in consideration of shares in or securities of the company which will give the transferor control of the company.
(2)Section 116 above shall not apply by virtue of section 122(1) above if at the time of the transfer the transferor has entered into a binding contract for the sale of the shares or securities concerned, except where the sale is made for the purpose of reconstruction or amalgamation.