199 Fall in value relief: interests in land.U.K.
(1)In the M1Inheritance Tax Act 1984, in Part VI, in Chapter IV (sale of land from deceased’s estate) after section 197 there shall be inserted—
“197A Sales in fourth year after death.
(1)Where an interest in land—
(a)is comprised in a person’s estate immediately before his death, and
(b)is sold by the appropriate person in the fourth year immediately following the date of the death, otherwise than in circumstances in which section 197(1) above has effect,
the interest shall be treated, for the purposes of section 191(1) above, as having been sold within the period of three years immediately following the date of the death.
(2)Subsection (1) above shall not have effect in relation to an interest if its sale value would exceed its value on death.
(3)In determining the period referred to in section 192(1) above, no account shall be taken of the sale of an interest in relation to which subsection (1) above has effect; and if the claim relates only to such interests, section 192 shall not apply in relation to the claim.
(4)In applying section 196(1) above, no account shall be taken, for the purposes of paragraph (a) of that subsection, of an interest in relation to which subsection (1) above has effect.”
(2)This section shall have effect in relation to deaths occurring on or after 16th March 1990.
Marginal Citations