Property parent

If trading premises are held in an unquoted parent company and are rented to its 100% trading subsidiary will the shares in the parent qualify for inheritance tax business property relief (BPR)?

The property itself is worth more than the trading subsidiary and was transferred to the parent company for commercial reasons.

IHTA 1984 s 111(b) seems to create an anomaly in that a subsidiary company can hold the property but there is no corresponding let-out if it is held in the parent.

A strict reading of IHTA 1984 s 105(4)(b) suggests that the parent may not then be mainly a holding company of a wholly trading company. Must I really be forced to create a second subsidiary to hold the property?

I cannot believe HMRC would deny BPR in these circumstances but...