Commentary

I7.160 BPR and binding contracts for sale

IHT, trusts and estates

I7.160 BPR and binding contracts for sale

Business property subject to contracts or liquidation

I7.160 BPR and binding contracts for sale

Business property subject to a binding contract for sale is not relevant business property unless the sale was to a company which is to carry on the business, and the consideration consisted mainly of shares in or securities of that company1.

For the effect of partners having rights to acquire each other's partnership shares see I7.160A.

The exception for transfers to a company safeguards the transferor in the common situation where a business (or partnership) is in the process of acquiring limited company status and

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial