# Inheritance Tax Act 1984, Section 110: Value of business.


For the purposes of this Chapter—
(a) the value of a business or of an interest in a business shall be taken to be its net value;
(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;
(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.

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Source: https://www.legislation.gov.uk/ukpga/1984/51/section/110 (the official version)
Page: https://openlegislation.uk/inheritance-tax-act-1984/section-110
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.