Section 190 | Preliminary.

(1)In this Chapter—^F1

“the appropriate person”, in relation to any interest in land comprised in a person’s estate immediately before his death, means the person liable for inheritance tax attributable to the value of that interest or, if there is more than one such person and one of them is in fact paying the tax, that person;

“interest in land” does not include any estate, interest or right by way of mortgage or other security;

“sale price”, in relation to any interest in land, means the price for which it is sold or, if greater, the best consideration that could reasonably have been obtained for it at the time of the sale;

“sale value”, in relation to any interest in land, means its sale price as increased or reduced under the following provisions of this Chapter;

“value on death”, in relation to any interest in land comprised in a person’s estate immediately before his death, means the value which, apart from this Chapter, (and apart from section 176 above) would be its value as part of that estate for the purposes of this Act.

(2)Any reference in this Chapter to the interests to which a claim relates is a reference to the interests to which section 191(1) below applies by virtue of the claim.

(3)For the purposes of this Chapter—

(a)the personal representatives of the deceased, and

(b)the trustees of a settlement,

shall each be treated as a single and continuing body of persons (distinct from the persons who may from time to time be the personal representatives or trustees).

(4)In any case where, for the purposes of this Chapter, it is necessary to determine the price at which any interest was purchased or sold or the best consideration that could reasonably have been obtained on the sale of any interest, no account shall be taken of expenses (whether by way of commission, stamp duty or stamp duty land tax or otherwise) which are incidental to the sale or purchase.^F2