{
  "url": "https://openlegislation.uk/inheritance-tax-act-1984/section-104",
  "json_url": "https://openlegislation.uk/inheritance-tax-act-1984/section-104.json",
  "legislation": "ukpga/1984/51",
  "legislation_title": "Inheritance Tax Act 1984",
  "legislation_url": "https://openlegislation.uk/inheritance-tax-act-1984",
  "path": "section/104",
  "kind": "section",
  "number": "104",
  "heading": "The relief.",
  "text": "(1) Where the whole or part of the value transferred by a transfer of value is attributable to the value of any relevant business property, the whole or that part of the value transferred shall be treated as reduced by 50%. —\n(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n...\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.\n(2) For the purposes of this section, the value transferred by a transfer of value shall be calculated as a value on which no tax is chargeable.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 104(1) inserted (with effect in accordance with Sch. 12 para. 17 of the amending Act) by Finance Act 2026 (c. 11), Sch. 12 paras. 2(2)(a), 17"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 104(1)(a)(b) and words omitted (with effect in accordance with Sch. 12 para. 17 of the amending Act) by virtue of Finance Act 2026 (c. 11), Sch. 12 paras. 2(2)(b), 17"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 104(1A)-(1C) inserted (with effect in accordance with Sch. 12 para. 17 of the amending Act) by Finance Act 2026 (c. 11), Sch. 12 paras. 2(3), 17"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 104 excluded (1.11.2004 with effect as mentioned in reg. 1 of the amending S.I.) by The Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2004 (S.I. 2004/2543), reg. 4(7)"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Ss. 104, 116 excluded (6.4.2008) by The Inheritance Tax (Delivery of Accounts) (Excepted Transfers and Excepted Terminations) Regulations 2008 (S.I. 2008/605), reg. 4(4)Ss. 104, 116 excluded (6.4.2008) by The Inheritance Tax (Delivery of Accounts) (Excepted Transfers and Excepted Terminations) Regulations 2008 (S.I. 2008/605), reg. 5(5)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1984/51/section/104",
    "retrieved_at": "2026-10-29T10:01:12.914001+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."
}