The following Private Client Q&A provides comprehensive and up to date legal information covering:
In answering this Q&A our research has been limited to cover only the IHT implications for the estate of the grantor of the option.
Inheritance tax (IHT) is a tax on a transfer of value. The value is the loss to the transferor's estate. (Inheritance Act 1984 (IHTA 1984), s4(1)).
The general rule under IHTA 1984, s 160 is that property in the estate is valued for IHT purposes as:
the price that the property might reasonably be expected to fetch if sold in the open market at that time provided
that price is not assumed to be reduced on the ground that the whole property is placed on the market at the same time
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