IHTM09754 - Sales of related property, etc: conditions for relief

The following conditions must be satisfied before relief can be given for sales of related property

• the relief must be claimed, IHTA84/S176 (2)
• the sold property must have originally been valued under the related property provisions or in certain circumstances in conjunction with other property in the deceased’s estate (IHTM09755)
• the sales must be by the personal representatives or by the person’s in whom the property was vested (IHTM09756) immediately after the death
• the sale must be at arm’s length, IHTA84/S176 (3)(b)
• the sale price must be freely negotiated at the time of the sale, IHTA84/S176 (3)(b)
• the sale must not be made in conjunction with a sale of the related or other property with which it was originally valued (IHTM09757)
• there must be no connection between those selling the property and the purchaser (IHTM09758)
• those selling the property must not have a right to acquire the property or an interest in it (IHTM09759)
• the sale price must be less than the original value (IHTM09760).