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Contents

Official guidance
Inheritance Tax Manual

IHTM25000 · Business relief and businesses

  • IHTM25001 · Introduction
  • IHTM25011 · Investigating business relief and businesses: Introduction
  • IHTM25012 · Investigating business relief and businesses: Reviewing form IHT413 or D38
  • IHTM25021 · Investigation in 100% relief cases: Introduction
  • IHTM25051 · Valuing businesses and partnerships: What is a business?
  • IHTM25052 · Valuing businesses and partnerships: Business accounts
  • IHTM25053 · Valuing businesses and partnerships: liabilities - restricted reductions
  • IHTM25060 · Valuing businesses and partnerships: Business terms
  • IHTM25081 · Valuing the business: Investigating the profit and loss account
  • IHTM25082 · Valuing the business: Investigating the balance sheet
  • IHTM25083 · Valuing the business: Adjusting the capital account
  • IHTM25091 · What is a partnership: Introduction
  • IHTM25092 · What is a partnership: Investigating partnership deeds
  • IHTM25093 · What is a partnership: Cases where there are no deeds
  • IHTM25094 · What is a partnership: Limited liability partnerships
  • IHTM25101 · Valuing the partnership interest: Introduction
  • IHTM25102 · Valuing the partnership interest: Partnership share
  • IHTM25103 · Valuing the partnership interest: The balance sheet
  • IHTM25104 · Valuing the partnership interest: Freehold and leasehold property
  • IHTM25105 · Valuing the partnership interest: Agricultural land tenanted by a partnership
  • IHTM25106 · Valuing the partnership interest: Agricultural land owned by deceased and occupied by a partnership
  • IHTM25108 · Valuing the partnership interest: Goodwill
  • IHTM25109 · Valuing the partnership interest: Livestock
  • IHTM25110 · Valuing the partnership interest: Other assets
  • IHTM25111 · Valuing the partnership interest: Sales
  • IHTM25112 · Valuing the partnership interest: Income Tax
  • IHTM25120 · Valuing businesses and partnerships: Fetters
  • IHTM25121 · Valuing Businesses and Partnerships: Relationship between Business and Agricultural relief
  • IHTM25122 · Valuing Businesses and Partnerships: Instalments
  • IHTM25123 · Valuing Businesses and Partnerships: Partnerships and lifetime transfers
  • IHTM25131 · Business relief: Outline of business relief
  • IHTM25141 · Relevant Business Property: Investigating Relevant Business Property
  • IHTM25151 · Business interests: Rate of relief
  • IHTM25152 · Business interests: Property consisting of a business or a business interest
  • IHTM25153 · Business interests: Meaning of “business”
  • IHTM25154 · Business interests: Settled property
  • IHTM25171 · Unquoted securities - control holding: Securities within S105(1)(b)
  • IHTM25172 · Unquoted securities - control holding: When is the transferor required to have control?
  • IHTM25191 · Other holdings of unquoted shares: Rate of relief
  • IHTM25192 · Other holdings of unquoted shares: Meaning of unquoted for business relief purposes
  • IHTM25193 · Other holdings of unquoted shares: American Depositary Receipts
  • IHTM25201 · Control holdings of quoted shares or securities: Rate of relief
  • IHTM25202 · Control holdings of quoted shares or securities: Transfers and shares within IHTA84/S105 (1)(cc)
  • IHTM25221 · Land and buildings, machinery and plant: Rate of relief
  • IHTM25222 · Land and buildings, machinery and plant: Property within IHTA84/S105 (1)(d)
  • IHTM25223 · Land and buildings, machinery and plant: Additional user requirement
  • IHTM25224 · Land and buildings, machinery and plant: Transferor's interest in the occupying company or partnership
  • IHTM25225 · Land and buildings, machinery and plant: Property used by a partnership
  • IHTM25226 · Land and buildings, machinery and plant: Settled property
  • IHTM25227 · Land and buildings, machinery and plant: Machinery or plant
  • IHTM25241 · Settled property used in the life tenant's business: Rate of relief
  • IHTM25242 · Settled property used in the life tenant's business: Property within IHTA84/S105 (1)(e)
  • IHTM25243 · Settled property used in the life tenant's business: Scope of IHTA84/S105 (1)(e) in practice
  • IHTM25250 · Other relevant business property: Partnership interests
  • IHTM25251 · Other relevant business property: Woodlands syndicates
  • IHTM25252 · Other relevant business property: Agri-environment schemes
  • IHTM25253 · Other relevant business property: Land used under the Woodland and Peatland Carbon Codes
  • IHTM25261 · Investment businesses: Introduction
  • IHTM25262 · Investment businesses: Exceptions
  • IHTM25263 · Investment businesses: Holding companies
  • IHTM25264 · Investment businesses: Holding company and LLP examples
  • IHTM25265 · Business relief: Investment businesses: Wholly or mainly
  • IHTM25266 · Business relief: Investment businesses: Property based businesses
  • IHTM25271 · Business relief: Investment businesses: Property letting
  • IHTM25272 · Business relief: Investment businesses: Property consisting of a business
  • IHTM25273 · Business relief: Investment businesses: Meaning of 'investment'
  • IHTM25274 · Business relief: Investment businesses: Land as a business asset
  • IHTM25275 · Business relief: Investment businesses: Lettings of commercial premises
  • IHTM25276 · Business relief: Investment businesses: Furnished lettings
  • IHTM25277 · Business relief: Investment businesses: Hotels, Bed and Breakfast, Residential Homes, and other accommodation
  • IHTM25278 · Business relief: Investment businesses: Holiday lettings
  • IHTM25279 · Business relief: Investment businesses:Caravan sites
  • IHTM25280 · Business relief: Investment businesses: Other lettings
  • IHTM25291 · Contracts for sale: Introduction
  • IHTM25292 · Contracts for sale: Shareholdings and partnership interests
  • IHTM25301 · The ownership test: Introduction
  • IHTM25302 · The ownership test: Meaning of ownership
  • IHTM25303 · The ownership test: Changes in the nature of the business
  • IHTM25310 · Business relief: Replacement property: Introduction
  • IHTM25311 · Business relief: Replacement property: Conditions
  • IHTM25313 · Business relief: Replacement property: Limitation of relief
  • IHTM25314 · Business relief: Replacement property: Minority holdings of unquoted shares
  • IHTM25321 · Successions: Introduction
  • IHTM25331 · Successive transfers: Introduction
  • IHTM25333 · Successive transfers: Limitation of relief
  • IHTM25341 · Assets excluded from relief: Introduction
  • IHTM25342 · Assets excluded from relief: Assets not used in the business
  • IHTM25351 · Excepted assets: Introduction
  • IHTM25352 · Excepted assets: Future use
  • IHTM25353 · Excepted assets: Assets used for personal benefit
  • IHTM25354 · Excepted assets: Part business use of land or buildings
  • IHTM25361 · Lifetime transfers - additional conditions: Introduction
  • IHTM25363 · Lifetime transfers - additional conditions: The two conditions
  • IHTM25364 · Lifetime transfers - additional conditions: Continuing ownership
  • IHTM25365 · Lifetime transfers - additional conditions: Remaining business property
  • IHTM25366 · Lifetime transfers - additional conditions: Transfers of shares and securities
  • IHTM25367 · Lifetime transfers - additional conditions: The transferee
  • IHTM25368 · Lifetime transfers - additional conditions: Failure to satisfy the conditions
  • IHTM25369 · Lifetime transfers - additional conditions: Replacement property
  • IHTM25370 · Lifetime transfers - additional conditions: Replacement property (additional rule for shares or securities)
  • IHTM25381 · Gifts with reservation: Introduction
  • IHTM25382 · Gifts with reservation: Notional transfer
  • IHTM25383 · Gifts with reservation: Rate of relief on shares or securities
  • IHTM25384 · Gifts with reservation: Replacement property
  • IHTM25500 · AR/BR 100% relief allowance: Section Overview
  • IHTM25510 · AR/BR 100% relief allowance: overview
  • IHTM25520 · AR/BR 100% relief allowance: individuals
  • IHTM25521 · AR/BR 100% relief allowance: individuals - transitional provisions
  • IHTM25522 · AR/BR 100% relief allowance: individuals - interests in possession within IHTA84/S49
  • IHTM25523 · AR/BR 100% relief allowance: individuals – apportionment – more than one chargeable transfer
  • IHTM25524 · AR/BR 100% relief allowance: individuals – apportionment – different titles of the estate on death
  • IHTM25530 · AR/BR 100% relief allowance: transfer of unused allowance
  • IHTM25531 · AR/BR 100% relief allowance: transfer of unused allowance – basic principles
  • IHTM25532 · AR/BR 100% relief allowance: transfer of unused allowance- focus is on extent to which the 100% relief allowance is unused 
  • IHTM25533 · AR/BR 100% relief allowance: transfer of unused allowance - how to make the claim
  • IHTM25534 · AR/BR 100% relief allowance: transfer of unused allowance – time limits for claim
  • IHTM25535 · AR/BR 100% relief allowance: transfer of unused allowance - claims by people other than the personal representatives
  • IHTM25536 · AR/BR 100% relief allowance: transfer of unused allowance- reviewing form IHT 437
  • IHTM25537 · AR/BR 100% relief allowance: transfer of unused allowance - how the amount to be transferred is calculated
  • IHTM25538 · AR/BR 100% relief allowance: transfer of unused allowance - calculation where there is a lifetime transfer
  • IHTM25539 · AR/BR 100% relief allowance: transfer of unused allowance – calculation where the survivor has been married to more than one spouse or been in more than one civil partnership  
  • IHTM25540 · AR/BR 100% relief allowance: transfer of unused allowance - calculation where the survivor was married to, or in a civil partnership with, someone who was entitled to 100% transferable allowance where no claim was made on the earlier death
  • IHTM25541 · AR/BR 100% relief allowance: transfer of unused allowance - simultaneous deaths
  • IHTM25550 · APR/BPR 100% relief allowance: settlements - overview
  • IHTM25551 · APR/BPR 100% relief allowance: settlements - “pre-commencement settlements”
  • IHTM25552 · AR/BR 100% relief allowance: settlements - relevant property settlements
  • IHTM25553 · AR/BR 100% relief allowance: settlements - transitional period - temporary relaxation of ownership and occupation conditions
  • IHTM25554 · AR/BR 100% relief allowance: settlements - special trusts (other than age 18-to-25 trusts)
  • IHTM25555 · AR/BR 100% relief allowance: settlements - 18-25 trusts
  • IHTM25570 · AR/BR: 50% rate – unlisted shares and securities
  • IHTM25580 · AR/BR 50% rate: instalment option
  • IHTM25022 · Investigation in 100% relief cases: Business interests - chart for relief on death
  • IHTM25023 · Investigation in 100% relief cases: Business interests - chart for relief on potentially exempt transfers
  • IHTM25024 · Investigation in 100% relief cases: Business interests - chart for relief on chargeable lifetime transfers
  • IHTM25107 · Valuing the partnership interest: Milk quotas
  • IHTM25113 · Valuing the partnership interest: Adjusting the deceased's capital account
  • IHTM25312 · Replacement property: chart
  • IHTM25322 · Successions: chart
  • IHTM25332 · Successive transfers: chart
  • IHTM25362 · Lifetime transfers - additional conditions: chart
  1. Business relief and businesses: Contents
  2. Valuing the partnership interest: Adjusting the deceased's capital account

IHTM25113 | Valuing the partnership interest: Adjusting the deceased's capital account

From HM Revenue & Customs · Inheritance Tax Manual

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