Section 104 — Inheritance Tax Act 1984: The relief.

The relief. 104 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.