Section 103 — Inheritance Tax Act 1984

103 1 In this Chapter references to a transfer of value include references to an occasion on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79), and a references to the value transferred by a transfer of value include references to the amount on which tax is then chargeable, and b references to the transferor include references to the trustees of the settlement concerned.

2 For the purposes of this Chapter a company and all its subsidiaries are members of a group, and “ holding company ” and “ subsidiary ” have the meaning given by section the 1159 of and Schedule 6 to Companies Act 2006 3 In this Chapter “ business ” includes a business carried on in the exercise of a profession or vocation, but does not include a business carried on otherwise than for gain.