I4.320 Loss on sale of land — example
Example — sale to beneficiary
E died leaving an estate which included three houses, Foxholes, Oakfield and Pinewood, valued at £400,000, £500,000 and £600,000, respectively.
The executors sold within three years of the death Foxholes for £300,000 and Oakfield for £550,000.
Pinewood was sold to a beneficiary for £600,000, when its market value was £630,000. The executors claimed relief.
The figures are:
|Property||Value on death||Sale price||Difference|
The denominator of the appropriate fraction is £100,000+£50,000=£150,000 (it does not include the £30,000 difference on the sale of Pinewood,
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