Section 247 | Business and agricultural relief.

(1)In section 113B of the Inheritance Tax Act 1984 (replacement business property)—

(a)in subsections (2)(a) and (5)(b), for “twelve months” substitute, in each case, “ the allowed period ”; and

(b)in subsection (8), at the end add “ and “allowed period” means the period of three years or such longer period as the Board may allow ”.

(2)In section 124B of the Act of 1984 (replacement agricultural property)—

(a)in subsections (2)(a) and (5)(b), for “twelve months” substitute, in each case, “ the allowed period ”; and

(b)in subsection (8), at the end add “ and “allowed period” means the period of three years or such longer period as the Board may allow ”.

(3)This section applies in relation to transfers of value made, and other events occurring, on or after 30th November 1993.