IHTA 1984, s. 137 does for interests in land what the previous sections do for shares and securities. It ensures that unmerited relief is not given where the land valued at the ‘relevant date’ is different in some material respect from the subject of the lifetime gift.

‘Interest in land’, by IHTA 1984, s. 140(1), does not include any estate, interest or right by way of mortgage or other security.

It does include a lease with less than 50 years to run, for which further provision is made in s. 138 (infra).

IHTA 1984, s. 137 applies wherever the conditions in s. 137(2) are not satisfied. These are:

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