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HMRC internal manual

Inheritance Tax Manual

Downsizing: Disposals: Qualifying former residential interest: Disposal under contract

For the purposes of the identification and nomination of qualifying former residential interests, a disposal of a residential property interest occurs when there has been completion of that disposal. If the disposal is under a contract which is completed by a conveyance, the disposal occurs at the time when the interest is conveyed, or in other words, at the time the sale contract is completed.

The ‘value’ of the interest disposed of here, and reference to ‘value’ throughout this chapter is the open market value provided for by IHTA84/S160.