The main category of property which attracts BPR is one of:
- Ìý
•ÌýÌýÌýÌý a business or interest in a business (100% relief)1
- Ìý
•ÌýÌýÌýÌý any land or building, machinery or plant which, immediately before the transfer, was used wholly or mainly for the purpose of a business carried on by the transferor and was settled property in which he was then entitled to a qualifying interest in possession (QIIP) (50% relief)2 Note that before 22 March 2006 there is no requirement that the interest in possession be a qualifying one
Business or interest in a business
An interest in a business here refers to a partnership share, although it might also refer to a case where a sole trader assigned a proportionate share of a business carried on by him as a sole trader. A partnership share is a share of assets less liabilities where the assets and the liabilities in question are defined by the agreement of the partners. There may be dispute in some cases
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