Commentary

I8.363 Vacant possession

IHT, trusts and estates

I8.363 Vacant possession

I8.363 Vacant possession

Where the property to be valued is in the occupation of the transferor at the time of the transfer, and his beneficial interest extends to the entirety, the property has to be valued with the benefit of vacant possession1. The most usual method of valuing a freehold or leasehold property with vacant possession is to look at evidence of sales of comparable properties. If there are no comparables or the property is unique (for example a hotel some of the value of which depends upon its precise location) it is necessary to look at other factors, such

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