IHT relief for land sold for less than probate value

One of the last three years or so trustees, personal representatives and those who advise them will probably feel that they have become all too familiar with the relief under Chapter III of Part VI IHT Act 1984. This allows the sale proceeds of quoted securities sold during the year following the death to be substituted for the value at the date of death when calculating the IHT liability. Hitherto, the property market, especially the residential property market, has tended to be more resilient. Now, however, there are some indications that the property market may be less strong, and it may therefore become necessary to consider what reliefs may be available when land is sold, after a death, for less than the value at the date of death. Chapter IV of Part VI IHT Act 1984 provides a relief.