Finance Act, 1995

Business relief.

161.—(1) The Finance Act, 1994 , is hereby amended by the substitution of the following section for section 126:

“126.—Where the whole or part of the taxable value of any taxable gift or taxable 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 by 50 per cent.”.

(2) This section shall have effect in relation to gifts or inheritances taken on or after the 8th day of February, 1995.