Commentary

I7.104 BPR—qualifying conditions

IHT, trusts and estates

I7.104 BPR—qualifying conditions

I7.104 BPR—qualifying conditions

Property is relevant business property if it falls in one of the categories set out at I7.103, and also meets the following requirements:

  1.  

    •     The business carried on must not consist wholly or mainly of dealing in securities, stocks or shares, land or buildings or making or holding investments1. Exceptions are made for:

    1.  

      –     market makers (dealers in stocks and shares) and discount houses carrying on business in the UK, and

    2.  

      –     shares in holding companies which own shares in trading subsidiaries

  2.  

    •     The transferor must have owned the property during the two years preceding the

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