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HMRC internal manual

Inheritance Tax Manual

Other assets due to the deceased: property subject to a binding contract for sale

You should not normally consult the Valuation Office Agency (VOA) (IHTM23002) if an enforceable contract for sale was in force at the valuation date. In this situation it is the purchase price, as specified in the contract, that is relevant rather than the value of the interest in the land. But you may need to consult the VOA where the creation of the contract warrants investigation.

Look out for sales to relatives, sales at less than arms’ length and options involving unquoted companies in which the deceased or his family held shares. You should investigate the circumstances surrounding the contract and consider possible claims for lifetime transfers.

Any dealings that involve options should be referred to Technical.