Very occasionally the assets of a partnership may include exempt securities which will normally constitute “excepted assets” (see IHTA84/S112) and so fall outside the scope of Business Relief. In this situation if a partner satisfies the conditions specified for the security the transfer of his interest in the partnership will be excluded property to the extent that it is attributable to the exempt securities. ( IHTM27241) You should calculate the amount to be excluded as follows:
| Value of exempt securities x | Value of transferor’s partnership interest |
| Total value of partnership |
