Commentary

I3.368 Fall in value relief—leases

IHT, trusts and estates

I3.368 Fall in value relief—leases

I3.368 Fall in value relief—leases

If the property transferred by the lifetime transfer (see I3.361) is the interest of a lessee under a lease, the duration of which at the time of the chargeable transfer does not exceed fifty years, then for the purposes of the relief the market value of the interest on the relevant date is treated as increased by an amount equal to the appropriate fraction of the market value of the interest at the time of the chargeable transfer1 — see IHTM14670 for an example.

For the meaning of 'transferred property', 'relevant date' and 'market value' see

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