ihta84/s103.- Preliminary.

[1976 Sch.10 para.1; 1982 Sch.17 para.30.]

103. - (1) In this Chapter references to a transfer of value include references to an occasion on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79), and

(a) references to the value transferred by a transfer of value include references to the amount on which tax is then chargeable, and

(b) references to the transferor include references to the trustees of the settlement concerned.

[1976 Sch.10 para.13(1).]
1985 c.6

(2) For the purposes of this Chapter a company and all its subsidiaries are members of a group, and "holding company" and "subsidiary" have [the meaning given by section 736 of ¹ ] the [Companies Act 1985 ² .]

[1976 Sch.10 para.3(1).]

(3) In this Chapter "business" includes a business carried on in the exercise of a profession or vocation, but does not include a business carried on otherwise than for gain.

1 Companies Act 1989 s.144(4) and Sch.18 para.30(3) with effect from the appointed day - on and after 1 November 1990 (S.I. 1990 No.1392). Originally "the same meanings as in".

2 1985(C) Sch.2, with effect from 1 July 1985.