In certain circumstances, property held by the deceased at the time of death must be valued not on its own, but rather as a proportion of what it would be worth if valued in conjunction with other property. There are two different reasons why this may be necessary:

(1)where the deceased's property is valued together with ‘related property’ (see ¶625-300);

(2)where property owned by the deceased absolutely and passing to his executors is aggregated with other property, e.g. in which the deceased had a life interest, which does not pass to his executors.

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