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Section 110: Value of business.

Inheritance Tax Act 1984 · 1984 c. 51View on legislation.gov.uk

Part V: MISCELLANEOUS RELIEFS — CHAPTER I: BUSINESS PROPERTY

For the purposes of this Chapter—

the value of a business or of an interest in a business shall be taken to be its net value;
the net value of a business is the value of the assets used in the business (including goodwill) reduced by the aggregate amount of any liabilities incurred for the purposes of the business;
in ascertaining the net value of an interest in a business, no regard shall be had to assets or liabilities other than those by reference to which the net value of the entire business would fall to be ascertained.

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Reuse reviewed 21 August 2026 under Open Government Licence v3.0.