Section 104 | The relief.

(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%. —^F1F2

(a)Repealed^F2

(b)Repealed^F2

...

(1A)But so much of the value transferred as—^F3

(a)is attributable to the value of relevant business property that falls within section 105(1)(a), (b) or (bb),^F3

(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^F3

(c)does not exceed the amount of the 100% relief allowance available in relation to that chargeable transfer (see section 124D),^F3

is to be treated (instead) as reduced by 100%.

(1B)And so much of the value transferred as—^F3

(a)is attributable to the value of relevant business property that falls within section 105(1)(a), (b) or (bb),^F3

(b)constitutes a chargeable transfer that is an occasion on which tax is chargeable under Chapter 3 of Part 3, and^F3

(c)does not exceed the amount of the 100% trust relief allowance available in relation to that occasion (see sections 124G to 124K),^F3

is to be treated (instead) as reduced by 100%.

(1C)Subsections (1) to (1B) are subject to the following provisions of this Chapter.^F3

(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.