The rule excluding investment businesses (IHTM25261) from business relief does not apply:

(1)to any property if the business is wholly (not ‘wholly or mainly’) that of market maker or discount house carried on in the United Kingdom. New legislation (SI 2012/2903) extends this to market makers or discount houses who conduct business in any European Economic area (EEA) state from 31 December 2012, or

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