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HMRC internal manual

Shares and Assets Valuation Manual

IHT Business Property Relief: S.105(4) - Market Makers and Jobbers

Under s.105(4), s.105(3) does not apply if the business carried on in the United Kingdom is wholly (not “wholly or mainly”) that of a market maker or discount house.

Under s.105(7) a market maker is a person who:

a. holds him/herself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell securities, stocks and shares at a price specified by him/her; and

b. is recognised as doing so by the Council of The Stock Exchange.

This definition was expanded with effect from 23 March 1992 to include market makers on the London Financial Futures and Options Exchange (LIFFE).

  Additional Guidance: SVM150000