{
  "url": "https://openlegislation.uk/inheritance-tax-act-1984/section-110",
  "json_url": "https://openlegislation.uk/inheritance-tax-act-1984/section-110.json",
  "legislation": "ukpga/1984/51",
  "legislation_title": "Inheritance Tax Act 1984",
  "legislation_url": "https://openlegislation.uk/inheritance-tax-act-1984",
  "path": "section/110",
  "kind": "section",
  "number": "110",
  "heading": "Value of business.",
  "text": "For the purposes of this Chapter—\n(a) the value of a business or of an interest in a business shall be taken to be its net value;\n(b) the net value of a business is the value of the assets used in the business (including goodwill) reduced by the aggregate amount of any liabilities incurred for the purposes of the business;\n(c) in ascertaining the net value of an interest in a business, no regard shall be had to assets or liabilities other than those by reference to which the net value of the entire business would fall to be ascertained.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1984/51/section/110",
    "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."
}