s.122(1)(b) IHTA 1984
The relief is available only if the shares or securities
gave the transferor control of the company immediately before the
transfer.
For the meaning of ‘securities' and 'control' and a
summary of the shares or securities, which may be taken into
account, see Chapter 111 of this manual at
SVM111040 and
SVM111050 (in connection with BR).
s.119(1)
s.123(5)
Any suggestion that control for AR can be derived from
factors other than shares or securities only, e.g. a casting vote
and with the Special Commissioners decision in
Executors of TheWill of Fanny Walker deceased V CIR (SpC00275)
particularly in mind, should be referred to the Appeals Team.
Occupation of a property by a company which is controlled by
the transferor is treated as occupation by the transferor.
Therefore, SAV may be asked to advise whether a transferor had
control of a company for the purpose of s.119(1) even when no
valuation of shares or securities is involved.
For these purposes, occupation by a subsidiary of a company
controlled by the transferor is also treated as occupation by the
transferor.
| Additional Guidance: SVM150000 |
