Commentary

I8.204 The best possible price

IHT, trusts and estates

I8.204 The best possible price

I8.204 The best possible price

The word 'price'1 for estate duty meant the best possible price obtainable2. However, '…there is no universal rule that the best possible prices at the date of death must be taken' and '…the stipulation that an estimate must be made of the value which a property would fetch if sold in the open market does not…require an assumption that the highest possible price will be realised. It involves that an estimate should be made of the price which would be realised under the reasonable, competitive conditions of an open market on a particular date'3.

Although the price realised under competitive conditions is likely to be the best price, the best 'possible' price does not imply that the

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