Land: part-disposals: estates comprising `natural' units
Where the land comprises a large estate and has been acquired by gift or inheritance, a valuation is often required for IHT purposes. In such cases, the normal practice is to split the estate into `natural units’. This practice was supported by the House of Lords in the case of Duke of Buccleuch and another v IRC (an Estate Duty case). Each of these `natural units’ should be regarded as a single asset for Capital Gains Tax purposes.