104 The relief.U.K.
(1)Where the whole or part of the value transferred by a transfer of value is attributable to the value of any relevant business property, the whole or that part of the value transferred shall be treated as reduced—
(a)in the case of property falling within section 105(1)(a) or [F1(b) or (bb)] below by50 per cent;
(b)in the case of other relevant business property, by 30 per cent;
but subject to the following provisions of this Chapter.
(2)For the purposes of this section, the value transferred by a transfer of value shall be calculated as a value on which no tax is chargeable.
Textual Amendments
F1Finance Act 1987 Sch. 8, para. 4,with effect from 17March 1987.Originally
“or (b)”.