Related Commentary  Related CasesRelated HMRC Manuals

112(1)  In determining for the purposes of this Chapter what part of the value transferred by a transfer of value is attributable to the value of any relevant business property so much of the last-mentioned value as is attributable to any excepted assets within the meaning of subsection (2) below shall be left out of account.

112(2)  An asset is an excepted asset in relation to any relevant business property if it was neither–

(a)used wholly or mainly for the purposes of the business concerned throughout the whole or the last two years of the relevant period defined in subsection (5) below, nor

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