Price v Revenue & Customs [2010] UKFTT 474 (TC) (07 October 2010)

Price v Revenue & Customs [2010] UKFTT 474 (TC) (07 October 2010)

Section 161(1) IHTA requires valuation of the aggregate of the deceased's and spouse's interests as a single item, equivalent to the freehold with vacant possession, without deduction for notional selling costs or liabilities; the appropriate portion is determined per section 161(3).

Citation
[2010] UKFTT 474
Parties
Appellant: A. Leolin Price CBE QC; Respondents: The Commissioners for Her Majesty’s Revenue and Customs
Jurisdiction
United Kingdom
Judgment Date
07 October 2010
Procedural Posture
Appeal / First Tier Tribunal (tax) Decision
Outcome
HMRC's Determination upheld in principle; valuation points to be referred to Upper Tribunal if not agreed.
Legal Topics
Inheritance Tax, Related Property Provisions, Valuation of Property, Statutory Interpretation
Tax Law Inheritance Tax Related Property Provisions Valuation of Property Statutory Interpretation

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Parties

A. Leolin Price CBE QC

Appellant

The Commissioners for Her Majesty’s Revenue and Customs

Respondents

Procedural Posture

Appeal / First Tier Tribunal (tax) Decision

Legal Issues

  1. 1 Proper construction of 'the appropriate portion of the value of the aggregate of that and any related property' in section 161(1) IHTA
  2. 2 Whether valuation should be of the sum of individual interests or the aggregated property
  3. 3 Allowance for notional costs and charged debts in valuation

Ratio Decidendi

Section 161(1) IHTA requires valuation of the aggregate of the deceased's and spouse's interests as a single item, equivalent to the freehold with vacant possession, without deduction for notional selling costs or liabilities; the appropriate portion is determined per section 161(3).

Court Disposition

HMRC's Determination upheld in principle; valuation points to be referred to Upper Tribunal if not agreed.

Orders

  • Valuation points (aggregate value, appropriate portion, deduction) to be referred to Upper Tribunal (Lands Chamber) pursuant to section 222(4A) IHTA if not agreed.