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Where there is a transfer of value business relief is due on the value of ‘relevant business property�, IHTA84/S104 (1). When you investigate the detailed provisions for business relief, you should start by considering if the property transferred comes within one of the categories of ’relevant business property� in IHTA84/S105 (1).

For deaths and transfers on or after 6 April 1996, there are six categories of property which are capable of qualifying as relevant business property. They are:

• property consisting of a business or interest in a business (IHTM25151). 100% relief
• control holdings of unquoted securities (IHTM25171) in a company. 100% relief
• unquoted shares in a company (IHTM25191). 100% relief
• control holdings of quoted shares (IHTM25201) in a company. 50% relief
• land, buildings, machinery or plant (IHTM25221) used by a company controlled by the transferor or by a partnership of which the transferor was a member. 50% relief
• settled land, buildings, machinery or plant (IHTM25241) in which the transferor had an interest in possession and used in his business (This applies to lifetime transfers only). 50% relief