Finance Act, 1998
|
Amendment of section 134 (exclusion of value of excepted assets) of Finance Act, 1994 . |
128.— Section 134 of the Finance Act, 1994 , shall have effect and be deemed always to have had effect as if the following subsections were substituted for subsection (7): | |
“(7) Where, in relation to a gift or an inheritance— | ||
(a) relevant business property consisting of shares in or securities of a company are comprised in the gift or inheritance on the valuation date, and | ||
(b) property consisting of a business, or interest in a business, not falling within section 127(4) (hereinafter in this section referred to as ‘company business property’) is on that date beneficially owned by that company or, where that company is a holding company of one or more companies within the same group, by any company within that group, | ||
that company business property shall, for the purposes of subsection (1), be excluded property in relation to those shares or securities unless it would, apart from section 127(3), have been relevant business property if— | ||
(i) it had been the subject matter of that gift or inheritance, and | ||
(ii) it had been comprised in the disposition for the periods during which it was in the beneficial ownership of that first-mentioned company or of any member of that group, while being such a member, or actually comprised in the disposition. | ||
(8) In ascertaining whether or not company business property complies with paragraphs (i) and (ii) of subsection (7), the provisions of section 129 shall, with any necessary modifications, apply to that company business property as to a case to which subsection (1) of section 129 relates.”. |