Duties Act 2000

in respect of a young farmer or the young farmer's partner—

an estate in fee simple in farmland held or previously held by the young farmer or the young farmer's partner; or

shares in a company—

currently held by the young farmer or the young farmer's partner, if the company holds or has previously held an estate in fee simple in farmland; or

previously held by the young farmer or the young farmer's partner, if those shares were held at the same time that the company held an estate in fee simple in farmland; or

if the young farmer or the young farmer's partner—

is a beneficiary of a fixed trust and the trust property includes or has previously included an estate in fee simple in farmland; or

was previously a beneficiary of a fixed trust and, while the young farmer or the young farmer's partner was a beneficiary, the trust property included an estate in fee simple in farmland; or

if the young farmer or the young farmer's partner—

is a capital beneficiary of a discretionary trust and the trust property includes or has previously included an estate in fee simple in farmland; or

was previously a capital beneficiary of a discretionary trust and, while the young farmer or young farmer's partner was a capital beneficiary, the trust property included an estate in fee simple in farmland;

in respect of a young farmer business entity that is—

a nominee for a young farmer—if the nominee holds or has previously held an estate in fee simple in farmland on trust for that young farmer; or

a company (not acting in the capacity of a trustee under a trust)—if the company holds or has previously held an estate in fee simple in farmland; or

a trustee under a discretionary trust—if the trustee holds or has previously held an estate in fee simple in farmland on trust for that discretionary trust; or

a trustee under a fixed trust—if the trustee holds or has previously held an estate in fee simple in farmland on trust for that fixed trust.