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HMRC internal manual

Inheritance Tax Manual

Excepted assets: Assets used for personal benefit

For the purpose of the rule excluding excepted assets (IHTM25351) from business relief, you should treat an asset as not being ‘used wholly or mainly for the purposes of the business’ (IHTA84/S112(2)(a)) at any time when it was used wholly or mainly for the personal benefit of the transferor (or of a person connected with him), IHTA84/S112(6).

The meaning of ‘connected with’ is set out in IHTA84/S270.