I7.102 History of BPR

I7.102 History of BPR

When capital transfer tax (CTT) was first introduced there was agricultural property relief but no relief for business assets, despite the fact that under estate duty there had been a relief for industrial hereditaments, by way of a 55% reduction1. This omission was soon rectified by the introduction of a relief for business property in FA 1976. When first introduced, for transfers made after 6 April 1976, it was a 30% reduction in the value transferred when attributable to sole trades, partnership shares, certain assets used by a partnership in which the transferor was a partner

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