SVM111200 - IHT Business Property Relief: S.105(4) - Market Makers and Jobbers
Under s.105(4), s.105(3) does not apply if the business carried on in the United Kingdom is wholly (not “wholly or mainly�) that of a market maker or discount house.
Under s.105(7) a market maker is a person who:
a. holds him/herself out at all normal times in compliance with the rules of »Ê¹ÚÌåÓýapp Stock Exchange as willing to buy and sell securities, stocks and shares at a price specified by him/her; and
b. is recognised as doing so by the Council of »Ê¹ÚÌåÓýapp Stock Exchange.
This definition was expanded with effect from 23 March 1992 to include market makers on the London Financial Futures and Options Exchange (LIFFE).
Additional Guidance; SVM150000