Commentary

I4.312A Loss on sale of land — definitions

IHT, trusts and estates

I4.312A Loss on sale of land — definitions

I4.312A Loss on sale of land — definitions

Interest in land

The phrase 'interest in land' is not defined in the statute except that it is stated not to include any estate, interest or right by way of mortgage or other security1. In practice, it is taken as including estates and interests in land and buildings of any tenure, in the United Kingdom or abroad.

HMRC takes the view that an interest in the proceeds of sale of land held on trust for sale is an interest in land2. However, they do not regard the following as interests in land3:

  1.  

    •     an interest in an unadministered estate, because it is a chose in action4 subject to the possibility that IHTA 1984, s 91 might apply so as to treat the deceased as entitled to any interest in land comprised in the unadministered estate

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