Link Report

“private company” has the meaning assigned to it by section 27 ;

of one or more shares in a private company which (after the taking of the gift or inheritance) is, on the date of the gift or on the date of the inheritance, a company controlled by the donee or successor within the meaning of section 27, then each such share is, to the extent that its market value for tax purposes is, at the valuation date, attributable to relevant heritage property, exempt from tax and the value of such relevant heritage property is, to that extent, not to be taken into account in computing tax on any gift or inheritance taken by that person unless the exemption ceases to apply under subsection (5) or (6), subject to the condition that the relevant heritage property was in the beneficial ownership of the company on 12 April 1995, or in the beneficial ownership on that date of another company which was on that date a subsidiary of the first-mentioned company.

(a) objects to which section 77(1) applies,

(b) a house or garden referred to in section 77(6) ;

there has been a breach of any condition specified in section 77(1)(b) or (c) or section 77(6)(c),

there has been a breach of any condition specified in section 77(1)(b) or (c) or section 77(6)(c),

(3) Section 89(5) shall apply, for the purposes of subsection (2), as it applies in relation to agricultural property.

(b) such share is relevant business property within the meaning of Chapter 2 of Part 10,

(b) such share is relevant business property within the meaning of Chapter 2 of Part 10,

“subsidiary” has the meaning assigned to it by section 155 of the Companies Act 1963.

“subsidiary” has the meaning assigned to it by section 155 of the Companies Act 1963.