# Inheritance Tax Act 1984, Section 104: The relief.

Extent: E+W+S+N.I.

(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%. —
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
...
(1A) But so much of the value transferred as—
(a) is attributable to the value of relevant business property that falls within section 105(1)(a), (b) or (bb),
(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
(c) does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),
is to be treated (instead) as reduced by 100%.
(1B) And so much of the value transferred as—
(a) is attributable to the value of relevant business property that falls within section 105(1)(a), (b) or (bb),
(b) constitutes a chargeable transfer that is an occasion on which tax is chargeable under Chapter 3 of Part 3, and
(c) does not exceed the amount of the 100% trust relief allowance available in relation to that occasion (see sections 124G to 124K),
is to be treated (instead) as reduced by 100%.
(1C) Subsections (1) to (1B) are subject to the following provisions of this Chapter.
(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.

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Source: https://www.legislation.gov.uk/ukpga/1984/51/section/104 (the official version)
Page: https://openlegislation.uk/inheritance-tax-act-1984/section-104
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.