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Any land or buildings, not being land or buildings within Class 1, but excluding a dwelling house or part of a dwelling house in relation to which the person making the disposal would be entitled to claim relief under section 604.

(4A) Where the original assets is land which has been let by the person making the disposal at any time in the period of 5 years ending with the disposal and, immediately before the time the land was first let in that period, the land was owned by that person and used by that person for farming (within the meaning of section 654) for a period of not less than 10 years ending with the time the land was first so let, the land may be treated as being within Class 1, which is referred to in subsection (5).

(4) This section shall apply only if the acquisition of the replacement assets takes place, or an unconditional contract for the acquisition is entered into, in the period beginning 12 months before and ending 3 years after the disposal of the original assets, or at such earlier or later time as the Revenue Commissioners may by notice in writing allow; but, where an unconditional contract for the acquisition is so entered into, this section may be applied on a provisional basis without ascertaining whether the replacement assets are acquired in pursuance of the contract, and when that fact is ascertained all necessary adjustments shall be made by making assessments or by repayment or discharge of tax, and shall be so made notwithstanding any limitation in the Capital Gains Tax Acts on the time within which assessments may be made or any limitation in section 865(4) on the time within which a claim for a repayment of tax is required to be made .