IHTM25222 - Land and buildings, machinery and
plant: Property within IHTA84/S105 (1)(d)
IHTA84/S105 (1)(d) applies to
- any land or buildings, machinery or plant
which
- immediately before the transfer
- was used wholly or mainly for the purposes of a
business (
IHTM25153)
- carried on by either a company which the
transferor then controlled or a partnership of which the transferor
was then a partner.
There are additional requirements governing the period of user (
IHTM25223) and the transferor's
interest in the occupying company or partnership (
IHTM25224).
User for the purposes of a business is a factual test; there
does not have to be a binding contractual relationship between the
transferor and the company or partnership.
There are special rules (
IHTM25354) where
part of any land or building within IHTA84/S105
(1)(d) is used
exclusively for the purposes of a business.
For the valuation implications of the IHTA84/S105 (1)(d)
situation, see the following instructions:
- related property (
IHTM23206)
- partnership property (
IHTM23198)
- property let to a company in which the deceased
was interested (
IHTM23202)
- business premises owned by the deceased and
occupied by a partnership terminating on the relevant transfer (
IHTM23174)
- machinery and plant (
IHTM23195)
