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The appellant who was the executor and trustee of his late wife’s estate appealed against an inheritance tax determination in respect of the marital home.
He and his late wife had owned the property as tenants in common and in her will she left her share of the property to their children. The value of the house were it to be sold with vacant possession in the open market was valued at £1.5 million on the wife’s death. HMRC determined that inheritance tax was due on the whole value of the property.
The taxpayer argued that under IHTA 1984 s 161(1) the value should be reduced to take into account his half-share of the property.
The point at issue therefore was the meaning of the words ‘the value of the aggregate of that and any...
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