Where the claim for tax is limited to a fractional share of
joint property (
IHTM15011), the VOA (
IHTM23002) is normally asked to value
that share only, unless the related property (
IHTM09731) provisions apply.
However, IHTA84/S.5) provides that a person's estate ( IHTM04029) is the aggregate of all the property (except excluded property ( IHTM04251)) to which he is beneficially entitled ( IHTM04031). This includes any settled property in which he has an interest in possession ( IHTM16061) –IHTA84/S49 (1)
In view of IHTA84/S5 therefore, where two or more fractional shares of the same property are comprised in the estate, you should instruct the VOA to value the aggregate of the shares.
You should apply the instruction even though one of the shares
may be exempt (for example because spouse or civil partner
IHTM11032) applies) or where settled
property is left out of account (
Similarly you should ask the VOA to value the entirety where the deceased owned the whole property and devised it by Will
Where the deceased occupied the property and his beneficial
interest extended to the entirety you should instruct the VOA to
value the entirety with vacant possession.
Refer any case to TG where the taxpayer