If the value of trees has been left out of account on death (see ¶16955), and they have been subsequently disposed of, IHT will be charged on the net proceeds of the sale if it is a sale for full consideration in money or money’s worth or, in any other case, on the net value of the trees or underwood at the time of the disposal. Tax is charged as if the trees or underwood had never been left out of account and had formed the highest part of the value of the deceased’s estate on death.

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