Where land, buildings, machinery or plant is held by a settlement with an interest in possession and is used wholly or mainly in the life tenant's business (which is itself relevant business property1) then BPR will be available at 50% on a chargeable transfer of that property as long as the normal conditions for BPR are met2. However, although the minimum period of ownership requirement must be met by the life tenant in the normal way3, the use need only be 'immediately before the transfer'4. It seems possible to satisfy the minimum period of ownership requirement by a period of absolute ownership of an asset followed by a period of having a QIIP in a settlement
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