99 Value of certain shares and securities

Summary

This section provides that the value of shares or securities of a holding company is reduced, for the purposes of the relief, where the company is a member of a group and one or more of the other companies in the group is not within the definition of relevant business property. In these circumstances, the shares or securities of the holding company are valued as if any non-qualifying companies were not members of the group. Similarly, where the shares or securities of any company in the group are quoted, the assets of that company will also be ignored unless those shares were unquoted at a time on or after 23 May 1994, when they were owned within the group.

Details

(1) The assets of a non-qualifying subsidiary or associated company will be ignored for the purposes of calculating the relief applicable to shares or securities of a holding company unless the business of that non-qualifying company consists wholly or mainly (i.e. in excess of 50%) of holding land or buildings wholly or mainly occupied by qualifying members of the group.

(2) Where the shares or securities of any member of the group are quoted on a stock exchange on the valuation date, those assets are ignored for the purposes of calculating business relief unless they were unquoted on or after 23 May 1994, when they were in the beneficial ownership of the disponer or a member of that group.

Relevant Date: Finance Act 2015