Valuing property in an estate: authority for valuing items of property together
The authority for valuing items of property together if they would fetch more than if sold separately is Att-Gen of Ceylon v Mackie  2 All ER775.
This was followed by Gray v IRC  STC 360 where the deceased, Lady Fox, owned a 3,000 acre estate which she let to a partnership in which she had a 92.5% share. The Court of Appeal held that for the purposes of IHTA84/S160 the land and the deceased’s interest in the partnership should be valued together as a single unit of property. The value for that single unit was higher than the combined value for the land and partnership interest when valued as separate items of property.