Section 16 | Grant of tenancies of agricultural property.

(1)The grant of a tenancy of agricultural property in the United Kingdom ... for use for agricultural purposes is not a transfer of value by the grantor if he makes it for full consideration in money or money’s worth.^F1

(2)Expressions used in subsection (1) above and in Chapter II of Part V of this Act have the same meaning in that subsection as in that Chapter.