Inheritance Tax Act 1984 section 190

Preliminary

Section 190 sets out the key definitions and preliminary rules that apply throughout the chapter dealing with inheritance tax relief where land from a deceased person's estate is sold.

• Defines key terms including "appropriate person", "interest in land", "sale price", "sale value" and "value on death" for the purposes of the land sale relief provisions.
• Excludes mortgages and other security interests from the definition of "interest in land".
• Treats personal representatives and settlement trustees each as a single continuing body, regardless of changes in the individuals holding those roles.
• Requires that incidental costs of sale or purchase — such as commission, stamp duty or stamp duty land tax — are ignored when determining the price or best consideration for any interest in land.