When an interest in land (
IHTM33061) is sold for a price
different to its date of death value within four years of the
death, relief may be available under IHTA84/S190 -S198. In simple
terms, the relief allows the sale price to be substituted for the
date of death value.
An outline of the relief (
IHTM33011) is given on the next page.
There is a second and completely separate relieving provision
(
IHTM09751) in IHTA84/S176 that applies
only when the property sold was originally valued in conjunction
with other property for inheritance tax purposes.
This relief does not apply to land that is transferred during
the deceased’s lifetime. There are separate rules (
IHTM14621) for claiming relief if the
value of this land falls.
