Paragraph 15 Temporary relaxation of ownership and occupation conditions
United Kingdom
This paragraph applies where—
property becomes comprised in a settlement as a result of a transfer of value made on or after 30 October 2024 but before 6 April 2026,
some or all of the value transferred was reduced by 100% as a result of section 104 or section 116 of IHTA 1984,
an occasion on which tax is chargeable under section 65 of that Act occurs as a result of the property ceasing to be comprised in that settlement before 6 April 2026, and
some or all of the amount on which tax is charged would have been reduced by 100% as a result of section 104 or section 116 of that Act, but was not only as a result of an ownership or occupation condition.
For the purposes of that occasion, Chapters 1 and 2 of Part 5 of IHTA 1984 have effect as if the ownership or occupation conditions were omitted.
Where this paragraph applies the transfer of value mentioned in sub-paragraph (1)(a) is not to be regarded as a chargeable transfer of qualifying relievable property for the purposes of section 124H of IHTA 1984 (as inserted by paragraph 5).
In this paragraph, an “ownership or occupation condition” means—
section 106 of IHTA 1984 (minimum period of ownership for business property relief);
section 117 or 123 of that Act (minimum period of occupation or ownership for agricultural property relief).