A relief from inheritance tax for certain shareholdings, interests in a business or assets used by the owner's business (relevant business property). When the conditions for the relief are met, it reduces the value transferred by a transfer of value (broadly, a gift) made during a person's lifetime or on death. The rate of relief is either 100% or 50% of the value transferred, depending on the nature of the relevant business property and who owns it. (Chapter 1, Part V, Inheritance Tax Act 1984.)

For more information, see Practice note, Inheritance tax: business property relief: overview.

See also agricultural property relief.