A business or an interest in a business (such as a partnership interest) qualifies for the instalment option to the extent of its net value1.
(Liability to IHT will be relevant only in those cases where 100% BPR is unavailable – see I7.111).
The net value of a business is defined as the value of the assets used in the business (including goodwill) reduced by the aggregate amount of any liabilities incurred for the purpose of the business2. A reserve fund of investments will be excluded because it will not be 'used' in carrying on the business. A similar exclusion applies for BPR purposes – see I5.273A and I7.111.
In ascertaining the value of an interest
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