1052. Minimum period of ownership.

Property is not relevant business property1 in relation to a transfer of value unless it was owned by the transferor throughout the two years immediately preceding the transfer2. Property is treated as satisfying such a condition3 if:

  1.  

    (1)     it replaced other property and it, that other property and any property directly or indirectly replaced by that other property were owned by the transferor for periods which together comprised at least two years falling within the five years immediately preceding the transfer of value