{
  "url": "https://openlegislation.uk/finance-act-2026/schedule-12/paragraph-2",
  "json_url": "https://openlegislation.uk/finance-act-2026/schedule-12/paragraph-2.json",
  "legislation": "ukpga/2026/11",
  "legislation_title": "Finance Act 2026",
  "legislation_url": "https://openlegislation.uk/finance-act-2026",
  "path": "schedule/12/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": "Business property",
  "text": "(1) Section 104 (business property relief) is amended as follows.\n(2) In subsection (1)—\n(a) in the words before paragraph (a), after “reduced” insert “by 50%.”, and\n(b) omit paragraphs (a) and (b) and the words after paragraph (b).\n(3) After that subsection insert—\n“(1A) But so much of the value transferred as—\n(a) is attributable to the value of relevant business property that falls within section 105(1)(a), (b) or (bb),\n(b) constitutes a chargeable transfer that is not an occasion on which tax is chargeable under Chapter 3 of Part 3 (charges on certain settlements etc), and\n(c) does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),\nis to be treated (instead) as reduced by 100%.\n(1B) And so much of the value transferred as—\n(a) is attributable to the value of relevant business property that falls within section 105(1)(a), (b) or (bb),\n(b) constitutes a chargeable transfer that is an occasion on which tax is chargeable under Chapter 3 of Part 3, and\n(c) does not exceed the amount of the 100% trust relief allowance available in relation to that occasion (see sections 124G to 124K),\nis to be treated (instead) as reduced by 100%.\n(1C) Subsections (1) to (1B) are subject to the following provisions of this Chapter.”",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2026/11/schedule/12/paragraph/2",
    "retrieved_at": "2026-10-29T08:42:24.914774+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}