Section 103

United Kingdom

(1)

In this Chapter references to a transfer of value include references to an occasion on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79), and

(a)

references to the value transferred by a transfer of value include references to the amount on which tax is then chargeable, and

(b)

references to the transferor include references to the trustees of the settlement concerned.

(2)

For the purposes of this Chapter a company and all its subsidiaries are members of a group, and “holding company” and “subsidiary” have F1the meaning given by section F21159 of and Schedule 6 to the F3Companies Act F42006

(3)

In this Chapter “business” includes a business carried on in the exercise of a profession or vocation, but does not include a business carried on otherwise than for gain.

Annotations

Textual amendments

F1

Companies Act 1989 s. 144(4)and Sch. 18 para. 30(3)with effect from the appointed day—on and after 1November 1990 (S.I. 1990 No. 1392).Originally

“the same meanings as in”.

F2

Words in s. 103(2) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), art. 4(1)(f)

F3

Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), Sch. 2,with effect from 1July 1985.

F4

Words in s. 103(2) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), art. 4(1)(f)

Notes on the whole Act

Textual amendments

F1: By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.

Notes on Chapter I

Modifications

C1: Pt. 5 Ch. 1 modified (16.7.1992) by Finance (No.2) Act 1992 (c. 48), s. 73, Sch. 14, para. 9(4).
C2: Pt. 5 Ch. 1 modified (temp.) (retrospective to 30.10.2024) by Finance Act 2026 (c. 11), Sch. 12 para. 15