Section 96 — Inheritance Tax Act 1984: Preference shares disregarded.

Preference shares disregarded.

96 Where part of a close company’s share capital consists of preference shares (within the meaning of section 1023(5) of the Corporation Tax Act 2010 ) and a transfer of value made by that or any other close company has only a small effect on the value of those shares, compared with its effect on the value of other parts of the company’s share capital, the preference shares shall be left out of account in determining the respective rights and interests of the participators for the purposes of sections 94 and 95 above.