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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Special valuation matters: business relief claimed on the land

Any claim for business relief (IHTM25131) on a property should be investigated before a reference is made to the VOA (IHTM23002).

If you are satisfied that the conditions (IHTM25021) for 100% business relief are met, no question of valuation should normally arise and the VOA need not be troubled. Be on the look-out, however, for cases involving a sole trader where any real or leasehold property in the business may have been automatically referred; in that event you should retrieve the papers as soon as possible if it appears that 100% relief may be due.