Land and buildings, machinery and plant: Property within IHTA84/S105 (1)(d)
IHTA84/S105 (1)(d) applies to
- any land or buildings, machinery or plant which
- immediately before the transfer
- was used wholly or mainly for the purposes of a business (IHTM25153)
- carried on by either a company which the transferor then controlled or a partnership of which the transferor was then a partner.
Used for the purposes of a business is a factual test; there does not have to be a binding contractual relationship between the transferor and the company or partnership.
There are special rules (IHTM25354) where part of any land or building within IHTA84/S105 (1)(d) is used exclusively for the purposes of a business.
For the valuation implications of the IHTA84/S105 (1)(d) situation, see the following instructions: