The following categories of property qualify for the instalment option:

Land of any description, wherever situated (IHTA 1984, s. 227(2)(a)). ‘Land’ is defined as including buildings and other structures, land covered with water, and any estate, interest, easement, servitude or right in or over land, but not any estate, interest or right by way of mortgage or other security (s. 272; Interpretation Act 1978, Sch. 1). It therefore includes leasehold land, and it is generally accepted that it also includes land held on trusts for sale.

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