Commentary

I3.367 Fall in value relief—changes in interests in land

IHT, trusts and estates

I3.367 Fall in value relief—changes in interests in land

I3.367 Fall in value relief—changes in interests in land

IHTA 1984, s 137 seeks to achieve in respect of land the same objective as IHTA 1984, ss 133, 136 seek to achieve in respect of shares and securities, namely to ensure that relief is given only so far as a fall in value reflects market conditions rather than any deliberate change in the interests in or incidents attaching to land which reduces its value.

The change could include the grant of a lease, the demolition or erection of a building, or the extraction of minerals1.

For the purposes of IHTA 1984, s 137, 'land' includes buildings and other structures, land covered with water, and any estate, interest, easement, servitude or right in or over land2, but does not include any estate, interest or right

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