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HMRC internal manual

Shares and Assets Valuation Manual

IHT Business Property Relief: Deemed ownership under s.108

S.108 contains two deemed ownership provisions which apply for the purposes of the general rule in s.106 and the replacement property provisions in s.107 (s.108 does not apply for the purposes of ss.109 and 109A).

S.108(a) provides that where the transferor became entitled to property on the death of another person, the transferor is treated as having owned it from the date of the other person’s death. S.91 brings business property included in an unadministered residuary estate within this provision.

S.108(b) provides that where the person on whose death the transferor became entitled to the property was his/her spouse, the transferor is deemed for the purposes of ss.106 and 107 to have owned the property for any period during which the spouse owned it (irrespective of how long they had been married).

  Additional Guidance: SVM150000