ihta84/s104.- The relief.

[1976 Sch.10 para.2(1), (1A); 1978 s.64(2); 1981 s100(2); 1983 (no.2) s.10(1).]

104. - (1) Where the whole or part of the value transferred by a transfer of value is attributable to the value of any relevant business property, the whole or that part of the value transferred shall be treated as reduced -

(a) in the case of property falling within section 105(1)(a) or [(b) or (bb) ¹ ] below by [100 ² ] per cent;

(b) in the case of other relevant business property, by [50 ² ] per cent; but subject to the following provisions of this Chapter.

(2) For the purposes of this section, the value transferred by a transfer of value shall be calculated as a value on which no tax is chargeable.

1 1987 Sch.8, para.4, with effect from 17 March 1987. Originally "or (b)".

2 Substituted by 1992 (No.2) Sch.14, para.1 with effect from 10 March 1992. Originally "50" and"30" respectively.