Finance Act, 1994

Business relief.

126.—(1) Where the whole or part of the taxable value of any gift or inheritance is attributable to the value of any relevant business property, the whole or that part of the taxable value shall, subject to the other provisions of this Chapter, be treated as being reduced—

(a) by 25 per cent., and

(b) by a further 25 per cent. or £62,500, whichever is the lesser.

(2) In relation to the deduction referred to at paragraph (b) of subsection (1), the total amount deductible under that paragraph shall not exceed £62,500, in respect of the aggregate of all gifts and inheritances, which consist in whole or in part of relevant business property, taken on or after the 11th day of April, 1994, by the same person, as donee or successor.