(1) The Principal Act is amended by the insertion of the following section after section 89:

"89A. Further provisions relating to agricultural property

(1) In this section -

'agricultural property' means -

(a) agricultural land, pasture and woodland situate in a Member State or in the United Kingdom and crops, trees and underwood growing on such land and also includes such farm buildings, farm houses and mansion houses (together with the lands occupied with such farm buildings, farm houses and mansion houses) as are of a character appropriate to the property, and farm machinery, livestock and bloodstock on such property, and

(b) a payment entitlement (within the meaning of Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 [OJ No. L435, 6.12.2021, p.1.]);

'agricultural value' means the market value of agricultural property reduced by 90 per cent of that value;

'beneficiary' means a donee, a successor or a transferee referred to in section 32(2);

'relevant debts or encumbrances' means any debt or encumbrance in respect of a dwelling-house that -

(a) is the only or main residence of the beneficiary, and

(b) is not agricultural property,

other than a loan secured on the dwelling-house which is not used to purchase, repair or improve the dwelling-house;