Part VII Inheritance Tax
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.