A transfer of land by a corporation (not acting in the capacity of a trustee) is eligible for exemption under this Division if--
(a) the corporation owned the land on 11 September 1990, and
(b) the transferee or each of the transferees is a person, or the spouse of a person, who is a beneficiary under a special trust and was a beneficiary under the trust when the land was acquired by the corporation, and
(c) the trustee under the special trust is a principal shareholder in the corporation (or would, if the trustee were not a corporation, be a principal shareholder in the corporation) at the time of the transfer, and
(d) had the transferee or each of the transferees been the owner within the meaning of the Land Tax Management Act 1956 on 31 December that last preceded the date of the transfer, the land transferred would, by the operation of section 10 (1) (r) of the Land Tax Management Act 1956 , be exempt from land tax in respect of the year in which the transfer took effect.