Finance Act, 1997
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Amendment of section 127 (relevant business property) of Finance Act, 1994 . |
140.—(1) Section 127 of the Finance Act, 1994 , is hereby amended by the substitution of the following subsections for subsection (6): | |
“(6) Any land, building, machinery or plant used wholly or mainly for the purposes of a business carried on as mentioned in subsection (1) (e) shall not be relevant business property in relation to a gift or inheritance, unless the disponer's interest in the business is, or shares in or securities of the company carrying on the business immediately before the gift or inheritance are, relevant business property in relation to the gift or inheritance or in relation to a simultaneous gift or inheritance taken by the same donee or successor. | ||
(7) The references to a disponer in subsections (1) (e) and (6) shall include a reference to a person in whom the land, building, machinery or plant concerned is vested for a beneficial interest in possession immediately before the gift or inheritance. | ||
(8) Where shares or securities are vested in the trustees of a settlement, any powers of voting which they give to the trustees of the settlement shall, for the purposes of subsection (1) (e), be deemed to be given to the person beneficially entitled in possession to the shares or securities except in a case where no individual is so entitled.”. | ||
(2) This section shall have effect in relation to gifts and inheritances taken on or after the 26th day of March, 1997. |