Commentary

I3.232 Liabilities charged on specific property

IHT, trusts and estates

I3.232 Liabilities charged on specific property

I3.232 Liabilities charged on specific property

A liability that is to be deducted and is charged on specific property is, so far as possible, to reduce the value of the property on which it is charged (provided the charge has not been taken into account as a liability to finance certain other relievable property (see I3.241)1.

This provision can have important consequences where the debt is charged on business or agricultural property, because it can reduce the value of the property entitled to BPR or APR (see Divisions I7.1 and I7.3). It can also affect the liability for, and the

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