Commentary

I11.514 A business or an interest in a business

IHT, trusts and estates

I11.514 A business or an interest in a business

I11.514 A business or an interest in a business

A business or an interest in a business (such as a partnership interest) qualifies for the instalment option to the extent of its net value1. (Liability to IHT will be relevant only in those cases where 100% business property relief is unavailable; see I7.111). The net value of a business is defined as the value of the assets used in the business (including goodwill) reduced by the aggregate amount of any liabilities incurred for the purpose of the business2. A reserve fund of investments will be excluded because it will not

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