Part 5 of IHTA 1984 (miscellaneous reliefs) is amended as follows.
In section 115 (agricultural property relief: preliminary), in subsection (3), insert at the end "(or, in the case of property outside the United Kingdom, the Channel Islands and the Isle of Man, if it were subject to provisions equivalent in effect to such a covenant)."
For subsection (5) of that section substitute—
In section 116 (agricultural property relief: the relief), insert at the end—
In section 125 (woodlands relief), in paragraph (a) of subsection (1), omit "in the United Kingdom".
After that subsection insert—
The amendments made by this section have effect in relation to transfers of value where the tax payable but for this section (or, in the case of tax payable by instalments, the last instalment of that tax)—
Where tax falling within subsection (7) has been paid, Her Majesty's Revenue and Customs must repay the tax (together with interest under section 235(1) of IHTA 1984) if, but only if, a claim for repayment is made on or before—
whichever is later.
Where, by virtue of the amendments made by subsections (5) and (6), an election is made under section 125 of IHTA 1984, that election must be made on or before—
whichever is later.